Here is a general fund-state balance sheet incorporating the new forecast. The projected GF-S ending balance for the 2011-13 biennium is negative $1.555 billion. Counting the $280 million expected ending balance for the budget stabilization account, total expected reserves are negative $1.275 billion.

Deciding not to shoot the messenger, the members of the Economic and Revenue Forecast Council today approved a one-year extension to the contract of Executive Director Arun Raha.