The shortfall is due in large part to the state’s April personal income tax revenues coming in $109 million below projections. Overall, state tax revenues came in a total of $126 million below estimates.

Office of Budget and Management (OBM) Director Tim Keen cautioned the legislature last week on state tax revenues coming in below estimates. There are two months left in the state’s fiscal year (FY) 2016 calendar and the administration is still projecting a year-end balance because state government spending also is below estimates. OBM will update its FY 2017 revenue estimates later this summer. The OLC will continue to monitor state revenue totals and advise libraries as to any adjustments in projected PLF distribution totals.