This survey is published jointly with the National Governors Association twice a year in the spring and fall. Narrative analysis of trends and significant developments on the fiscal condition of the states, along with tabular summaries of state general fund revenues, expenditures, and balances are included in the report. It includes both individual and aggregate totals based on states' responses to a survey conducted by NASBO. The spring survey details governors' proposed budgets while the fall survey details enacted budgets.
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- Fiscal Survey of States, Spring 2010 [download]
As expected, fiscal 2010 presented the most difficult challenge for states’ financial management since the Great Depression. Fiscal 2011 is expected to present states with significant continuing fiscal difficulties with slower than average growth. The severe national recession drastically reduced tax revenues from every revenue source. State general fund spending has been so negatively affected by this recession that both fiscal 2009 and fiscal 2010 saw nominal declines in state spending. This two year decline is unprecedented and is only the second time that state general fund spending has declined in the history of the Fiscal Survey. The decrease in revenues also resulted in 40 states making mid-year budget cuts to their fiscal 2010 budgets totaling $22 billion along with 43 states making mid-year budget cuts of $31.3 billion in fiscal 2009. As nearly all Recovery Act funds are set to expire by the end of fiscal 2011, the loss of these funds combined with the anticipated slow recovery of state revenues is expected to result in the continuation of difficult state fiscal conditions for the next few years.
- Fiscal Survey of States, Fall 2009 [download]
States are currently facing one of the worst, if not the worst, fiscal periods since the Great Depression. Fiscal conditions significantly deteriorated for states during fiscal 2009, with the trend expected to continue through fiscal 2010 and even into 2011 and 2012. The severe national recession drastically reduced tax revenues from every revenue source during fiscal 2009 and revenue collections are expected to continue their decline in fiscal 2010. As state revenue collections historically lag behind any national economic recovery, state revenues will remain depressed throughout fiscal 2010 and likely be sluggish into fiscal years 2011 and 2012
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Staff Contact: Benjamin Husch