Fiscal Survey of States

With data gathered from all 50 state budget offices, this semi-annual report provides a narrative analysis of the fiscal condition of the states and data summaries of state general fund revenues, expenditures, and balances. The spring edition details governors’ proposed budgets; the fall edition details enacted budgets.

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Kathryn White
202-624-5949
kwhite@nasbo.org

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Fall 2025 Fiscal Survey

This edition of the report contains data for states, territories, and the District of Columbia on general fund spending, revenue, ending balances, and rainy day funds for fiscal 2024 (actual), fiscal 2025 (preliminary actual), and fiscal 2026 (enacted). Information on enacted changes to taxes and fees and employment compensation for fiscal 2026 is also included.

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Highlights of the Fall 2025 Fiscal Survey include:

General Fund Spending

Enacted budgets for fiscal 2026 provide for general fund spending 1.3 percent above preliminary actual levels for fiscal 2025.
23 states are projecting general fund spending to decline or remain flat in enacted budgets for fiscal 2026 compared to fiscal 2025 levels; the median annual growth rate is 0.2 percent.
For fiscal 2025, general fund spending exceeded originally enacted levels, in part due to $26 billion in net mid-year spending increases approved by states.

General Fund Revenue

Revenue projections for fiscal 2026 used in enacted budgets are 0.7 percent higher than preliminary actual revenues for fiscal 2025.
In fiscal 2025, 34 states reported collections exceeded original estimates, while six states reported revenues were on target and ten states reported receipts came in lower than estimates.
Enacted budgets for fiscal 2026 include a range of tax policy changes, with 15 states adopting net increases and 23 states adopting net decreases.

State Balances

Most states maintained or increased the size of their rainy day fund balances in dollars in fiscal 2025 and expect to do so again in fiscal 2026.
The median rainy day fund balance as a percentage of expenditures ticked down in fiscal 2025 due to general fund spending increasing at a faster rate than reserves but is projected to increase in fiscal 2026.
Total balances (rainy day funds plus general fund ending balances) continued to decline in fiscal 2025 and are expected to decrease again in fiscal 2026 as states spend down prior-year unanticipated surpluses that have accumulated in their general fund ending balances. States spending down a portion of their large balances is to be expected and in line with routine budget practice, with many states directing these surplus funds to one-time investments.