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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