[Cobo] FW: Revenue failure update

[Mauck, Sheri]

Please see this important communication.

From: Paliotta, Amanda
Sent: Monday, February 08, 2016 3:21 PM
To: Mauck, Sheri
Subject: FW: Revenue failure update

Sheri - please forward  Sec. Doerflinger email regarding additional general revenue reductions to the Business Officers.  Additional information will be forthcoming as revised general revenue figures are received from OMES.

From: Preston Doerflinger [mailto:preston.doerflinger at public.govdelivery.com]
Sent: Monday, February 08, 2016 3:16 PM
To: Paliotta, Amanda
Subject: Revenue failure update


Agency directors and finance officers,

The monthly General Revenue Fund report to be released tomorrow will show collections fell significantly below the estimate in January. Further declines are expected for the duration of Fiscal Year 2016. As you are aware, a revenue failure has already been declared and monthly general revenue allocations to agencies were reduced by three percent for the remainder of FY 2016 beginning in January.

Please be advised that the three percent reduction to monthly general revenue allocations must be deepened beginning in March. The purpose of this communication is to formally make you aware in advance.

The precise amount of the deepened general revenue allocation reduction will be determined upon the Board of Equalization updating the FY 2016 revenue forecast on Feb. 16. In addition, the Legislature is in session and may opt to take further actions that could affect the amount of the second midyear reduction.

Agencies will be notified as soon as the updated amount of the general revenue allocation reduction is determined.

I know many of you are thinking back to 2010, the last time the state had to declare revenue failure. In 2010, the amount by which general revenue allocations were reduced upon the revenue failure declaration changed several times over the course of several months. In some cases, it changed upon collections continuing to miss the estimate, while in other cases it changed due to legislative actions.

The situation back then was constantly evolving, and the situation we face now will likely unfold in a similar manner. Please keep that in mind as we move forward. We are communicating as proactively as possible because we recognize how challenging continued changes to the reduction levels will be for agencies.

Your agency's OMES budget analyst can take any questions you may have. As always, I am also available should you have questions.

Respectfully,

Preston L. Doerflinger
Director
Secretary of Finance, Administration and Information Technology
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