Montana lawmakers have adopted a more optimistic estimate of how much money the state will bring in over the next two years. The change will help guide ongoing work to craft a balanced state budget.
The House Taxation Committee agreed Friday to formally adopt a recently updated forecast of state revenues. The forecast shows Montana bringing in $350 million more over the biennium than what was predicted last fall. The revenue figure assumes the state will bring in $2.6 billion in 2022 and $2.7 billion in 2023 and will guide state budgeting.
According to the Legislative Fiscal Division, state revenue estimates have improved due to the availability of a COVID-19 vaccine and because the state is set to see $3 billion in federal stimulus funds.
The state House of Representatives has already endorsed a preliminary spending plan that will head to the Senate next for consideration.