|
Issues & Research » Budget & Tax » Initial Actions to Close FY 2009 Budget Gaps
|
Go 17729
|
|
|
Initial Actions To Close FY 2009 Budget Gaps
Fiscal Year (FY) 2009 will stand out as a year when state lawmakers had to make tough
decisions. Faced with a rapidly declining national economy, states across the nation have
dealt and are dealing with a financial crisis of immense stature. Two-thirds of states were
already facing a $40 million budget gap while crafting their FY 2009 budgets, and since
closing these initial gaps, they have had to address more budgetary problems. With a
majority of states more than halfway through FY 2009 the budget gap facing the states now
eclipses $47.4 million.
State officials, have had to make tough decisions so far in FY 2009, and may have to make
even tougher decisions as they begin crafting their FY 2010 budgets. State economies
typically lag behind the national economy; lawmakers are already projecting a cumulative
budget gap of $84.3 billion for FY 2010. Even states that have been relatively immune from
the economic downturn are starting to feel the ramifications of these historic economic
times.
 Read the full report
|
Initial Actions To Close FY 2009 Budget Gaps
Fiscal Year (FY) 2009 will stand out as a year when state lawmakers had to make tough
decisions. Faced with a rapidly declining national economy, states across the nation have
dealt and are dealing with a financial crisis of immense stature. Two-thirds of states were
already facing a $40 million budget gap while crafting their FY 2009 budgets, and since
closing these initial gaps, they have had to address more budgetary problems. With a
majority of states more than halfway through FY 2009 the budget gap facing the states now
eclipses $47.4 million.
State officials, have had to make tough decisions so far in FY 2009, and may have to make
even tougher decisions as they begin crafting their FY 2010 budgets. State economies
typically lag behind the national economy; lawmakers are already projecting a cumulative
budget gap of $84.3 billion for FY 2010. Even states that have been relatively immune from
the economic downturn are starting to feel the ramifications of these historic economic
times.
Read the full report
|
|