Fiscal Survey of the States, Fall 2016

Source: National Association of State Budget Officers, 2016

From the overview:
With data gathered from all 50 state budget offices, this semi-annual report provides a narrative analysis of the fiscal condition of the states and data summaries of state general fund revenues, expenditures, and balances. The spring edition details governors’ proposed budgets; the fall edition details enacted budgets.

States’ enacted budgets for fiscal 2017 project moderate general fund spending growth for the seventh consecutive year. However, progress since the Great Recession has been uneven, and many states are seeing softening state tax collections. Key findings from the report:
– General fund revenue growth slowed in fiscal 2016, with 25 states ending the year with collections below budget forecast.
– 19 states reported net mid-year budget reductions in fiscal 2016, a historically high number outside of a recessionary period.
– 24 states so far are reporting fiscal 2017 general fund revenues coming in below projections, the highest number of states expecting revenue shortfalls at this time in the fiscal year since 2010.
– States enacted a mix of tax increases and decreases effective in fiscal 2017.
– Most states continue to bolster rainy day funds, despite slower revenue growth and other challenges.
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