Revenue Outlook vs. Spending Allowed Under Statutory Cap
	Revenues*				Appropriations and Transfers**
	Base Revenues	Tax Increase	Total Revenues		Statutory Spending Cap		Base Spending	Pensions		Difference between Revenues and Spending Cap
FY12	27,000	7,000	34,000		36,818	#	32,618	4,200		2,818
FY13	27,810	7,210	35,020		37,554		32,954	4,600		2,534
FY14	28,644	7,426	36,071		38,305		33,305	5,000		2,234
FY15	29,504	5,048	34,552		39,072		33,672	5,400		4,520
					Cumulative	FY12-FY15 deficit				12,106
						(+ FY11 backlog of >$2 billion)
*3% growth in revenues on average, FY15 receives approximately 2/3rd of revenues the income tax increase before sunset.
Tax increase estimate is approx $6 billion individual, $500 mln corporate, and revenues from estate tax & corporate "loophole" change
** The statutory spending cap as allowed under SB2505, allows growth of 2%/year, pension spending assumes
growth of about $400 mln/yr. Base Spending is what would be allowed under the cap less pension payments.
# This is the allowed FY12 spending under law - my internal estimate is lower, but it could go up to
this level depending on budget choices made by Governor and General Assembly.