The headline number for today's revision to the state general fund revenue forecast is a gain of $95.7 million, taking expected revenues for the 2011-13 biennium to $30.284 billion. However, $50.6 million of the $95.7 gain is due to actions taken in the December 2011 special session of the legislature allowing unclaimed property seized by the state to be sold more quickly than had previously been the case. As this $50.6 million was already known to budget writers, the true "news" is a gain of about $50 million.

Another bit of positive news from the forecast council meeting was interum executive director Steve Lerch's estimate that extension of the federal payroll-tax cut to year end and renewal of the expiring unemployment insurance benfits might add $50-$75 million to revenues if enacted by congress, as now seems to be likely. 

The forecast council press release is available here.  The handout from the meeting, with details on the revised forecast, is available here.