The numbers

The Economic and Revenue Forecast Council adjourned a short while ago. The news was as not-good as expected.

Some key numbers:

• $760 million: Revenue projections are down another $760 million from September's forecast.
  
• $4.6 billion: Overall, the revenue forecast is down $4.6 billion since February of last year.
• $28 billion: The state can expect to collect about $28 billion for the 2009-2011 biennium.
• 9.8 percent: Next spring unemployment will peak at nearly 10 percent statewide.
  
• $2.6 billion: The total budget hole is now $2.6 billion if you account for both declining revenues and increased caseloads.
  

For more information, check out ERFC's press release and Chief Economist Arun Raha's (lengthy, er, comprehensive) presentation. You can also read the press release from the Office of Financial Management.