This survey is published jointly with the National Governors Association twice a year in the spring and fall. Narrative analysis of trends and significant developments on the fiscal condition of the states, along with tabular summaries of state general fund revenues, expenditures, and balances are included in the report. It includes both individual and aggregate totals based on states' responses to a survey conducted by NASBO. The spring survey details governors' proposed budgets while the fall survey details enacted budgets.
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- Fiscal Survey of States, Fall 2009 [download]
States are currently facing one of the worst, if not the worst, fiscal periods since the Great Depression. Fiscal conditions significantly deteriorated for states during fiscal 2009, with the trend expected to continue through fiscal 2010 and even into 2011 and 2012. The severe national recession drastically reduced tax revenues from every revenue source during fiscal 2009 and revenue collections are expected to continue their decline in fiscal 2010. As state revenue collections historically lag behind any national economic recovery, state revenues will remain depressed throughout fiscal 2010 and likely be sluggish into fiscal years 2011 and 2012
- Fiscal Survey of States, Spring 2009 [download]
The 50 states are facing one of the worst fiscal periods in decades. Fiscal conditions deteriorated for nearly every state during fiscal year 2009, and weak fiscal conditions are expected to continue in fiscal 2010 and possibly into fiscal years 2011 and 2012. While general fund expenditures and revenue collections increased for many states in fiscal 2008, the economic recession, which began in December 2007, significantly changed the fiscal outlook, resulting in almost half the states experiencing negative budget growth in fiscal 2009, and nearly three quarters of states recommending fiscal 2010 budgets with negative growth. As the severe national recession continued, tax revenues from sales, personal income, and corporate income taxes continued to come in lower than expected during fiscal 2009. Substantial job losses and significant reductions in corporate profits resulted in declines in capital gains and other investment income, an important source of revenue for states. State fiscal conditions historically lag behind any national economic recovery, which indicates that state fiscal conditions will remain weak in fiscal 2010 and likely into fiscal years 2011 and 2012.
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Staff Contact: Benjamin Husch