|Maybe not so fast|
Brown, however, has pictured himself at Regents meetings and elsewhere as the budgetary gatekeeper. It used to be said that the function of the chair of the Federal Reserve was to take away the punchbowl just as the party got going. Brown sees himself in such a role. So don't plan on spending the extra funding just yet.
It might be noted that the trough of the Great Recession occurred in 2009 and we are coming on to 2014. The added years projected by the LAO assume an uninterrupted expansion continues. There are no guarantees and no forecaster would presume to be able to tell what might occur in, say, 2016 with regard to economic fluctuations. As many have noted, the state's revenue stream is highly dependent on the personal income tax and on higher-end taxpayers, making it volatile and sensitive to the general business cycle and financial market ups and downs..