The Governor’s Office of State Planning and Budgeting (OSPB) and Legislative Council presented their March 2011 revenue forecasts to the Joint Budget Committee (JBC) this afternoon. The findings indicate higher than expected tax revenues and, combined with budget cuts already approved, the projected budget shortfall for FY11-12 has been revised from $1.0 billion to $450 million. Modest economic growth is expected for the near future, requiring the state to still make difficult budget cuts.  Read the OSBP and the Legislative Council reports for more information.