That's what the General Assembly's Fiscal Research Department (FRD) is projecting the current year budget deficit to grow to be fiscal year end in this report.
FRD's projections mirror the recent estimates produced by the governor's Office of State Budget & Management.
The projections, however, more than likely will be altered significantly before the end of fiscal year this summer. The FRD report notes that "Most of the remaining unpredictability comes in the
April-June period and is centered on corporate income tax payments and non-withholding payments
under the personal income tax." In other words, budget makers could be in for a very disappointing April surprise this year. Let's hope the amount of funds being withheld under Purdue's plan (as intitiated by Easley) will be sufficient.
I think that their new revenue strategy is to send out random, small tax bills to many taxpayers, hoping to get them to send in the money.
I got a $32 tax bill from my 2007 return. Am I going to bother my CPA about it? No. I just paid it and went on about my business.
Seriously, I would not put it past them if things get bad enough!