-
Join your peers at SSTI's 2024 Annual Conference!
Join us December 10-12 in Arizona to connect with and learn from your peers working around the country to strengthen their regional innovation economies. Visit ssticonference.org for more information and to register today.
-
As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies. Learn more about membership...
-
Subscribe to the SSTI Weekly Digest
Each week, the SSTI Weekly Digest delivers the latest breaking news and expert analysis of critical issues affecting the tech-based economic development community. Subscribe today!
NASBO finds state finances improving
In its latest report on the conditions of the states, the National Association of State Budget Officers (NASBO) found that conditions continue to improve and show more stability, with funding expected to grow 4.3 percent in FY 2019. NASBO also reported that 40 states saw general fund revenue collections coming in higher than budget projections in fiscal 2018. General fund revenues grew 6.4 percent in fiscal 2018, due to an increase in personal income tax collections, and are projected to grow 2.1 percent in fiscal 2019.
The improved picture extended to the states continuing to strengthen their reserves, with the median rainy day fund balance as a share of general fund spending expected to rise to 7.3 percent in fiscal 2019. Appropriation increases for fiscal 2019 totaled $41.1 billion across all program areas, compared to $12.7 billion in fiscal 2018, and only seven states made mid-year budget cuts due to a shortfall in FY 2018. The full report is available here.
state budgets