JLF Research | Spotlights
Key facts:
• The final budget for fiscal year 2011 spends $20.56 billion, $153 million more than the budget for fiscal year 2010.
• General fund availability in fiscal year 2011 excluding federal funds is $17 million less than was available in fiscal year 2010.
• Federal bailout funds for the state total $1.6 billion, up from $1.4 billion in fiscal year 2010.
• Congress may not pass an extension of more than $500 million in bailout funds for the state.
• Contingency plans include breaking a 69-year tradition in the state of meeting the needed contribution to state employee pensions.
• Temporary taxes, one-time changes, and other federal funds add $1.7 billion to the hole for fiscal year 2012.
• Funding pension and retiree health benefits will add as much as $4 billion more to the pending shortfall.
• A $7 billion shortfall in a $20 billion General Fund requires fundamental reform of state government.
Download PDF file: Budget Crisis Is Opportunity: Bigger budget for FY’11 shows need for policy reform (148.4KB)
Spotlight 395 Budget Crisis Is Opportunity: Bigger budget for FY’11 shows need for policy reform