State Budget Update: fall 2014
States continue their modest, slow recovery from the Great Recession. State tax collections are largely on target, and most states describe their budget situation for the remainder of fiscal year (FY) 2015 as stable. In brief, states are expecting to meet revenue forecasts for the current budget year.
While state finances overall are stable, spending in at least one program area is slightly over budget in about half of the states, and at least 12 states expect a budget shortfall in FY 2015. Most state officials, however, expect their budgets will stay in balance through the remainder of the fiscal year.
This report highlights results from NCSL’s most recent survey of legislative fiscal officers about state tax collections and other indicators of state fiscal health.