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A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
In the current fiscal year that started July 1, 2024, state taxpayers are spending around $53 billion, an overall increase of $12.8 billion. The list of spending pressures on limited tax dollars ...
The state Independent Fiscal Office, or IFO, has estimated the current fiscal year will end with a nearly $3.4 billion structural deficit, which is the difference between what the state spends and ...
An ex-post balanced budget requirement stipulates that a government must balance their budget by the end of each fiscal year, while an ex-ante balanced budget requirement dictates that a state must adopt a balanced budget at the beginning of each fiscal year. Ex-ante balanced budget requirements rely on estimates and assumptions about future ...
The fiscal year 2025-2026 budget recommendations include record-high K-12 education spending, increasing spending per K-12 student to $10,000 yearly, a $392 increase from the previous year.
The Illinois Budget Impasse was a 793-day-long (2 years and 62 days) budget crisis in the state of Illinois. From July 1, 2015, to August 31, 2017, Illinois was without a complete state budget for fiscal years 2016, 2017, and part of 2018. As a result, many state agencies had to cut services or continue borrowing to operate.
The current deficit, which the administration on Friday bumped up by about $7 billion from $38 billion to nearly $45 billion, stemmed from a revenue decline in fiscal year 2022-23, with the latest ...
The government forms a budget for the new fiscal year by taking the budget from the previous fiscal year as a base and makes only small changes to it. Top-down approach: The central financial authority (e.g. the Ministry of finance ) sets boundaries to the budget and the government completes it.