Page 6 - CAO Overview of the Proposed 2022-23 Budget
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          The Proposed Budget’s expectation for average or above average

          growth from economy sensitive revenues faces risk from external

          economic conditions:

          • The highest inflation rates since the early 1980s could lead to


                 – Inflation could impact consumer behavior, reducing spending and putting
                     some revenue projections at risk.

                 – The Federal Reserve may raise interest rates to reduce inflation, which on
                     several occasions in the past has led to higher unemployment and even

                     economic downturns.

               2022-23 Proposed Budget

               Presentation to the Budget and Finance Committee
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