Based on the recommendations of state economist Dr. Phil Pepper, the Joint Legislative Budget Committee adjusted its revenue projections for both FY 2010 and FY 2011.
FY 2010's revenue estimate was adjusted down $119.4 million to $4.432 billion.
FY 2011's revenue estimate was adjusted down $112.9 million to $4.45 billion.
Adjusting FY 2010's revenue estimate down means the Governor will be forced to make further cuts to balance the rest of this year's budget.
However, Pepper did report a glimmer of good news. March's revenue collections thus far are 15% above where they were at this point in March last year.