state budget

The National Conference of State Legislatures report observes that of the 49 states required to balance their budgets, 43 have done so for FY 2003 by turning first to their reserves, specific fee increases and cost cutting measures. The 2003 net increase in taxes at that point, with 42 states reporting, is 1.3 percent of 2002 tax collections.

The semi-annual survey presents aggregate and individual data on the states’ general fund receipts, expenditures and balances. Governors proposed general fund spending increases of 8.2 percent for fiscal year 2001, but only 3.6 percent for fiscal year 2002. States curtailed spending significantly in fiscal 2002 and fiscal 2003.

The semi-annual survey presents aggregate and individual data on the states’ general fund receipts, expenditures and balances. While estimated fiscal 2002 budget figures reflect general fund spending increases of 2 percent, governors’ proposals for fiscal 2003 reflect only 1.4 percent growth.

The article identifies the common problem of states cutting taxes and increasing expenditures during boom times only to be faced with revenue shortfalls during recessions. Also highlighted are the problems that are inherent in state policy when dealing with the cyclical behavior of the economy.

The June 2002 State Fiscal Update released by the National Conference of State Legislatures reports that states collected $8.6 billion less in individual tax collections this April than a year ago. Much of the drop — 21 percent overall — came in final income tax payments, which fell nearly 29 percent compared to last year.

The semi-annual survey presents aggregate and individual data on the states’ general fund receipts, expenditures and balances. Governors proposed general fund spending increases of 8.2 percent for fiscal year 2001, but only 3.6 percent for fiscal year 2002.

The semi-annual survey presents aggregate and individual data on the states’ general fund receipts, expenditures and balances. Enacted increases in states’ fiscal 2001 general fund spending were 8.3 percent, but are expected to be only 2.8 percent in fiscal 2002.

The Council for Education Policy Research and Improvement evaluates the costs, benefits, and continued need for state appropriations to match private donations to community colleges and universities.

The report by Citizens for Tax Justice estimates states stand to lose potentially $35 billion dollars a year in revenues by 2012. The group also reports as much as $15.2 billion would be lost through the repeal of the federal estate tax. Currently, the group says, each state gets almost 26 cents of each dollar the federal government receives from estate taxes paid by residents of that state.

The National Conference of State Legislatures report indicates the general fiscal condition of state budgets is growing weaker. End-of-the-year balances, as a percent of spending, showed decline among the 46 reporting states. According to the NCSL report, 33 states experienced decline between FY 2000 and FY 2001, and aggregate state balances decreased 22 percent, moving from $43.7 billion to $34.1 billion.