By Lindsay Street, Statehouse correspondent | The state expects to see its largest surplus in history as revenue projections from last year are off by more than 15 percent, or about $567 million more than originally forecasted.
While the excess money is rooted in missing the mark on revenue forecasts — something that caused the state to have mid-year cuts at the start of the Great Recession — some lawmakers say they aren’t worried and even expect at least one more surplus adjustment before the end of the fiscal year in June.
“This is the best look forward you can get,” Bonneau Republican Sen. Larry Grooms said of the quarterly projections. Grooms is a member of the Senate Finance Committee. “When the economy is going good, they missed the revenue estimate because it's going really quickly.”
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