Fiscal Outlook

State eNews Issue #39 | February 3, 2010


President Barack Obama’s State of the Union speech, with its strong jobs and middle-class families themes, seemed to echo the famous Clinton campaign war room posting, “It’s the economy, stupid.”

State eNews Issue #38 | January 20, 2010
 

In the midst of California’s budget troubles, its only remaining A-level credit rating from a major firm was just downgraded to an A-minus, according to The Los Angeles Times.

This edition of Firstline Midwest is Part 2 of a two-part series on state responses in the Midwest to the budget crisis. Part 1 focuses on the revenue side, particularly proposals in 2009 to close budget gaps through tax increases or gambling expansions. Part 2 examines short- and long-term strategies to control spending.

Prior to the last two fiscal years, state budgets were being passed and balanced with fairly robust increases in state spending: on average, about 6 percent annually between 1979 and 2008....

Fiscal conditions in the states began to decline in fiscal 2008. State spending and revenues grew at a lower rate than the prior year and balances were well-below their near record levels of fiscal 2007. While fiscal 2008 saw somewhat moderate declines, the fiscal situation in the states has deteriorated much more sharply in fiscal 2009. State spending is projected to be negative for the first time since 1983, balance levels are being reduced as states use reserves to address shortfalls, and recent data shows state revenues declining by 4 percent. As a result, states are likely to face a difficult budgetary environment in fiscal 2010 and beyond.

CSG South

This presentation was given by Sujit M. CanagaRetna, Senior Fiscal Analyst at the SLC, at the 2009 Spring Conference of The Council of State Governments' Executive Committee in Coeur d'Alene, Idaho, May 18, 2009.

CSG South

This presentation was given by Sujit M. CanagaRetna, Senior Fiscal Analyst at the SLC, on May 9, 2009, at the 2009 SLC Legislative Service Agency Spring Meeting in Miami, Florida. Both the presentation and the remarks are included here.

CSG South

This presentation was given by Sujit M. CanagaRetna, Senior Fiscal Analyst at the SLC, to the Mississippi House of Representatives in Jackson, Mississippi on March 5, 2009.

CSG South

This presentation was given by Sujit M. CanagaRetna, Senior Fiscal Analyst at the SLC, at The Council of State Governments Leaders’ Meeting on February 21, 2009, in Washington, D.C. Both the presentation and remarks are included here.

CSG South

This presentation was given by Sujit M. CanagaRetna, Fiscal Policy Manager at the SLC, at the 2008 Legislative Symposium in Birmingham, Alabama, on January 18, 2008.

CSG South

This presentation was given by Sujit M. CanagaRetna of the Southern Legislative Conference before the Association of Capitol Reporters and Editors (ACRE) in Columbia, South Carolina, November 13, 2004.

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