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Budget Outlook: Current Biennium. The February 2020 Budget and Economic Forecast projected a surplus of $1.513 billion for the current biennium. The Coronavirus pandemic and resulting economic crisis has had a direct and immediate impact on the general fund budget. General fund revenue is now projected to be $3.611 billion (7.4 percent) lower than forecast in February and state spending, including enacted appropriations since February, is expected to be $391 million higher than February. These changes, partially offset by a $63 million lower forecast balance in the stadium reserve, result in a projected deficit of $2.426 billion in FY 2020-21. By law, the $2.359 billion budget reserve and $350 million cash flow account remain intact in this projection. Reserve balances are available to mitigate impact of the crisis on the general fund budget.

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