Happy New (fiscal) Year

With the new fiscal year beginning today comes a couple of tax cuts amounting to $40 million that become effective. A reduction in both the grocery tax and the sales tax on energy usage for manufacturers take effect today, as do hundreds of appropriations approved in the 2009 legislative session. The final revenue report for the just-ended fiscal year won't be released until later in the week, and it will reveal how much of the budget surplus will be carried over into the new fiscal year.