CALIFORNIA BROKE~Controller Announced Jan.26 Residents Will Recieve IOU's

[Dantheman62]

STATE BUDGET TROUBLES WORSEN
By Elizabeth McNichol and Iris J. Lav

States are facing a great fiscal crisis. At least 46 states faced or are facing shortfalls in their budgets for this and/or next year, and severe fiscal problems are highly likely to continue into the following year as well. Combined budget gaps for the remainder of this fiscal year and state fiscal years 2010 and 2011 are estimated to total more than $350 billion.


States are currently at the mid-point of fiscal year 2009 — which started July 1 in most states — and are in the process of preparing their budgets for the next year. Over half the states had already cut spending, used reserves, or raised revenues in order to adopt a balanced budget for the current fiscal year — which started July 1 in most states. Now, their budgets have fallen out of balance again. New gaps of $46 billion (over 9% of state budgets) have opened up in the budgets of at least 42 states plus the District of Columbia. These budget gaps are in addition to the $48 billion shortfalls that these and other states faced as they adopted their budgets for the current fiscal year, bringing total gaps for the year to over 14 percent of budgets.


The states’ fiscal problems are continuing into the next two years. At least 41 states have looked ahead and anticipate deficits for fiscal year 2010 and beyond.[1] These gaps total almost $88 billion — 16 percent of budgets — for the 34 states that have estimated the size of these gaps and are likely to grow as gaps are re-estimated in the next few months.

TABLE 1:
STATES WITH MID-YEAR FY2009 BUDGET GAPS

Size of Gap

Percent of FY2009 General Fund

Alabama

$1.1 billion

12.7%

Alaska

$360 million

6.8%

Arizona

$1.6 billion

15.9%

California

$13.7 billion

13.6%

Colorado

$604 million

7.7%

Connecticut

$1.3 billion

7.7%

District of Columbia

$258 million

4.1%

Delaware

$226 million

6.2%

Florida

$2.3 billion

9.0%

Georgia

$2.2 billion

10.3%

Hawaii

$232 million

4.0%

Idaho

$218 million

7.4%

Illinois

$2.0 billion

7.0%

Indiana

$763 million

5.8%

Iowa

$134 million

2.1%

Kansas

$186 million

2.9%

Kentucky

$456 million

4.9%

Louisiana

$341 million

3.7%

Maine

$140 million

4.6%

Maryland

$691 million

4.6%

Massachusetts

$2.4 billion

8.4%

Michigan

$200 million

0.9%

Minnesota

$426 million

2.5%

Mississippi

$175 million

3.4%

Missouri

$342 million

3.8%

Nevada

$536 million

7.3%

New Hampshire

$50 million

1.6%

New Jersey

$2.1 billion

6.5%

New Mexico

$454 million

7.5%

New York

$1.7 billion

3.0%

North Carolina

$800 million

3.7%

Ohio

$1.2 billion

4.2%

Oregon

$442 million

6.6%

Pennsylvania

$2.3 billion

8.1%

Rhode Island

$372 million

11.4%

South Carolina

$554 million

8.1%

South Dakota

$27 million

2.2%

Tennessee

$884 million

7.8%

Utah

$620 million

10.4%

Vermont

$66 million

5.4%

Virginia

$1.1 billion

6.7%

Washington

$509 million

3.4%

Wisconsin

$346 million

2.5%

TOTAL

$46.4 billion

9.5%

[peaceandlove]

Originally Posted by Dantheman62

STATE BUDGET TROUBLES WORSEN
By Elizabeth McNichol and Iris J. Lav

States are facing a great fiscal crisis. At least 46 states faced or are facing shortfalls in their budgets for this and/or next year, and severe fiscal problems are highly likely to continue into the following year as well.

Blessings Dantheman62,

Thanks for the great information.

PaL

[BROOK]

Woohoo...what a ride I just wanna get off this roller coaster

[Dantheman62]

oops I should've put a link to the above info because there's more to it than I posted....
http://www.cbpp.org/9-8-08sfp.htm