Update on State Budget Gaps: FY 2009 & FY 2010

The National Conference of State Legislatures (NCSL) has released its Update on State Budget Gaps: FY 2009 & FY 2010 on January 30, 2009. States closed a cumulative gap of nearly $40 billion as they prepared their FY 2009 budgets, and now face a sizable gap of an additional $47.4 billion that has opened since budgets were completed. The report also shows half of the states are projecting a cumulative shortfall of $84.3 billion for FY 2010, a gap likely to grow as more states assemble revenue and expenditure forecasts for the coming fiscal period. This report provides an up-to-date account of states budget conditions while NCSL's last State Budget Update: November 2008 provides a 60-page report which also gives an overview of FY 2009 revenue performance for each state and highlights actions legislatures are expected to take to close FY 2009 budget gaps.

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