Description: In this Update, we identify and discuss major changes to the state's budget outlook and cash position which have occurred since the Governor's 1995-96 budget was submitted in January. In mid-May the Department of Finance will release the administration's May Revision to its January budget proposal. The May Revision will include a comprehensive update of the revenue and spending estimates presented in the January budget, as well as a revised projection of the state's cash position through 1995-96. This Update presents a preview of some of the major budget-related changes that have occurred since January and their implications for the state's current budget outlook and cash projections. Shortly after the May Revision is released we will present our assessment of the revised budget proposal, including a reassessment of the budget's risks and assumptions, and a discussion of any issues for legislative consideration raised by the budget revisions.