The Economic and Revenue Forecast Council has released its official budget outlook, based on the 2013-15 operating budget passed by the legislature last month.

Total ending reserves (including the budget stabilization account) are expected to be $1.326 billion for 2015-17. So, the 2013-15 budget balances over four years. (For information on the state’s four year balanced budget requirement, see this brief.) According to the methodology,

The 2015-17 maintenance level estimate reflects the mandatory caseload and enrollment, debt service and pension rates based on current information and historical growth rates. These amounts also reflect adjustments for the expiration of temporary suspensions (e.g. Initiative 732) and other major one-time savings/costs.

Importantly, as we noted in our policy brief on the 2013-15 budget, amounts needed to meet school funding enhancements pursuant to the McCleary decision are not included in the outlook.