Revised revenue forecast to be presented to Joint Budget this morning

I'll stop in Joint Budget at 9:00 a.m. this morning to report on the revised revenue forecast prior to other committee work. Department of Finance and Administration Director Richard Weiss will share a revision that all anticipate will be less rosy than previous reports released by the agency. Richard Wilson, assistant director of the Bureau of Legislative Research, has run several forecasts using varying formulas, most of which have been more optimistic than DF&A figures. House Budget Co-chair Bruce Maloch (D-Magnolia) has conferred with Wilson about running the numbers to be presented in this morning's meeting.

Elsewhere in the Capitol today, Governor Beebe will sign the lottery legislation into law at 3:00 p.m.

Update: DF&A Director Richard Weiss testified that the his department's revenue forecast has now been changed and that governor is in need of $100 million to use as a rainy day fund and plug holes in the budget as needed in the current economic climate. Weiss also said the state is expected to receive $14 million less than predicted earlier this year from tobacco taxes.