NCSL 50-State Budget Update: Positive Fiscal Conditions, But Significant Challenges Remain
DENVER—Budgets continue to stabilize and most states anticipate slow and steady improvement in their finances through the remainder of the fiscal year, according to the National Conference of State Legislatures’ (NCSL) latest "State Budget Update."
The report includes revenue outlook for the remainder of FY 2014 (which for most states is June 30), areas of spending over budget and a summary of state fiscal situations. The findings are based on a comprehensive survey of legislative fiscal officers in all 50 states, the District of Columbia and Puerto Rico.
Overall, officials continue to describe their state fiscal situations as “stable,” a term that has come to symbolize the post-Great Recession era of slow and steady growth. Thirty-four states, the District of Columbia and Puerto Rico expect to meet FY 2014 revenue estimates. Revenues are likely to exceed projections in nine states and they are lower than forecast in seven states. Spending is expected to exceed budgets in 22 states, but in general, the overruns are not substantial. While state budget conditions have improved from their low point earlier in the decade, officials remain concerned about slow revenue growth and continued spending pressures.
“While state officials are happy to have moved beyond the pain of the recession, they are still concerned about sluggish revenue growth, rebuilding reserves, tax policy and long-term spending,” said Arturo Perez, fiscal affairs director at NCSL.
Credentialed members of the media may receive a free full copy of NCSL's "State Budget Update: Spring 2014.” The link provided in this release does not contain links to the detailed 50-state tables. Please contact the press room to obtain a complete copy of NCSL's budget report. This report is also available for purchase in NCSL's bookstore.
NCSL is a bipartisan organization that serves the legislators and staffs of the states, commonwealths and territories. It provides research, technical assistance and opportunities for policymakers to exchange ideas on the most pressing state issues and is an effective and respected advocate for the interests of the states in the American federal system.