The Governor’s Office of State Planning and Budget released its June revenue forecast for General Fund revenue, estimating an increase in revenues by $78.1 million compared with the March 2011 forecast. Although citing some positive economic developments, the forecast projects flat revenues for FY 11-12 and estimates a shortfall of $22.4 million in the coming year to maintain a four percent reserve requirement. Modest economic growth is not expected until FY 2012-2013. Read more.