From the summary:
Note: This report is based primarily on data from governors’ budget proposals for fiscal 2021 and reflects state fiscal conditions before the COVID-19 pandemic and economic crisis. NASBO expects the data in this report will serve as an historical baseline for comparison to post-COVID fiscal conditions. Read more about the post-COVID-19 state budget outlook.
This report shows that before the COVID-19 pandemic and economic crisis, state fiscal conditions were strong overall and rainy day fund balances were at an all-time high. Governors’ (pre-COVID) budgets for fiscal 2021 were focused on investing in key priorities while calling for modest spending growth, with an emphasis on fiscal discipline and preparing for the next recession.