Rep. Seth McKeel, chairman of the House Appropriations Committee, urged fellow lawmakers Thursday to be cautious as they decide what to do with an expected budget surplus. File photo by John Iarussi.
Lawmakers tentatively cheered the news of a significant budget surplus projected by state economists for the 2014-2015 fiscal year, but cautioned that cuts to favored programs and tax carve-outs could still be coming next year.
The Legislative Budget Commission approved a three-year fiscal outlook developed by state economists predicting an $845.7 million budget surplus next year. More than half of that surplus, however, is non-recurring funds, or a one-time hit to the budget that can’t be counted on in future years.
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