Recent increases in energy prices give a slight ray of hope that revenues may be better than the Tax Commission estimates, Meacham said. But it's too early to tell whether a recent increase in the price of natural gas would continue, or for how long, he said.
It's expected the Board of Equalization will approve the figures released today. Henry will use those estimates to prepare his executive budget, which he will submit to legislators when they return Feb. 1 in regular session. The board will get new estimates in February, which will be the amount legislators will be allowed to spend in the session.
The prospects of a special session before legislators return appear dim.
Meacham said January collections typically are strong, and should, with the 10 percent cut, be sufficient to fund state agencies without tapping any other reserve funds.
Legislative leaders and the governor are working on an agreement to tackle this year's budget shortfall, Meacham said. It's hoped an agreement can be announced early next month, he said.