State commission says ‘COVID-19 Recession’ could be $8 billion hit – Center Square

The new report from the Commission on Government Forecasting and Accountability included a projection of state revenues and expenditures for the next three years under different scenarios. The report also highlighted threats to the state’s budget forecast, including it’s outstanding bill backlog of more than $8 billion,  unfunded pension liabilities of more than $137 billion, and the uncertainty around what it called the “COVID-19 Recession.”