Data Shows State Budgets Set to Increase in 2019
Thursday, June 14, 2018 | Comments

State fiscal conditions show signs of improvement and greater stability compared with this time last year, according to the National Association of State Budget Officers (NASBO). According to governors’ proposed budgets — and enacted budgets for some biennial states — state general fund spending is projected to increase 3.2 percent in fiscal 2019 compared with fiscal 2018.

Governors proposed spending increases for fiscal 2019 totaling $26.5 billion across all program areas compared with $8.7 billion in new spending proposed in their fiscal 2018 budgets. General fund revenues increased an estimated 9 percent in fiscal 2018, with collections coming in on or above original budget projections in 39 states.

Nine states made mid-year budget cuts totaling $830 million in fiscal 2018.

General fund revenues are projected to grow 1 percent in fiscal 2019 based on forecasts used to develop governors’ budgets, with a median growth rate of 2.8 percent. Governors’ mostly modest recommended tax and fee changes are estimated to result in $2.8 billion in additional state revenues.

States continue to strengthen their reserves, with the median balance as a share of general fund spending rising to 2 percent in fiscal 2019, from a recent low of 1.9 percent in fiscal 2011. The full report is here.

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