Update on State Budget Gaps: FY 2009 & FY 2010

Source: National Conference of State Legislatures, February 6, 2009

From the press release:
The state fiscal situation is rapidly deteriorating, as starkly revealed in the National Conference of State Legislatures’ (NCSL) new report on state budget gaps. The figures for fiscal year (FY) 2009 and FY 2010 have moved from sobering to distressing.

The latest news on state budgets reveals the severity of the current situation. For both FY 2009 and FY 2010, more states are reporting budget problems and the size of the gaps has increased. Even though some states have taken corrective actions, the current FY 2009 gap still stands at $47.4 billion. This is on top of the $40.3 billion shortfall already closed for this fiscal year. Next year’s projected gap is staggering as well. As states prepare to craft their FY 2010 budgets, the imbalance is pegged at $84.3 billion, up from $64.7 billion in November.
See also:
NCSL’s interactive map on State Budget Gaps: FY 2009 & FY 2010

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