The finalizing of the 2014-15 fiscal year budget can begin now that the state’s economic forecasters have agreed revenues are lower than they projected in January.

Leaders of the House and Senate Fiscal agencies and the Department of Treasury said revenues for the 2013-14 current fiscal year will be $317 million lower than expected in January, down $253.2 million in the General Fund and $63.7 million in the School Aid Fund.

For the upcoming 2014-15 fiscal year, the revenue estimating conference revised revenues downward by $299.1 million, down $220.5 million in the General Fund and $78.5 million below in the School Aid Fund from the January estimate.

The new estimate is expected to complicate completion of the budget, especially in the General Fund.

The new estimates mean overall revenue would actually drop to the two funds in the current year from the previous one by 0.1 percent. But in 2014-15, revenues in the two funds would grow by 4.1 percent, even with the downward revision.

John LaMacchia is a Legislative Associate for the League handling transportation and infrastructure issues. He can be reached at jlamacchia@mml.org or 517-908-0303.