Structural challenges of bungled state budget go beyond simple …

1 day ago · A logical question many Coloradans have is why is the state facing such a steep deficit when it has a constitutional requirement to balance the budget? The answer is more complex than it may seem and goes beyond simple politics, revealing structural challenges in …

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‘It Was A Mirage’: States Face Budget Woes As Huge ... - POLITICO

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Jan 10, 2024 · Democratic state Sen. Jim Rosapepe, vice chair of the Budget and Taxation Committee, points out that the $761 million deficit the state faces in the next fiscal year is a …

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State Budget Woes | PolicyEd

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Jun 30, 2021 · California’s 2020–21 $202 billion state budget spends about three times as much per state resident, adjusted for inflation, compared to California’s 1990–91 budget. And this is …

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FAQs about Structural challenges of bungled state budget go beyond simple … Coupon?

Is Maryland facing a fiscal crisis?

Even in Maryland, the looming fiscal challenges remain far from a crisis. Democratic state Sen. Jim Rosapepe, vice chair of the Budget and Taxation Committee, points out that the $761 million deficit the state faces in the next fiscal year is a tiny share of the state’s roughly $28 billion general fund budget. ...

Why do States fail to anticipate structural deficits?

One reason states sometimes fail to anticipate structural deficits is that their budget documents are ill-suited to do so. States generally budget on a cash basis, showing the dollars that the state expects to collect and that agencies are authorized to spend during the upcoming fiscal year or biennium, but not beyond. ...

Can long-term revenue and spending projections be used to assess budget sustainability?

For example, 15 states and Washington, D.C. have produced long-term revenue and spending projections but have not yet used those projections to assess ongoing budget sustainability, such as to examine the reasons for an expected surplus or deficit. ...

Are state budgets a moral document?

State budgets can also reduce long-standing racial and economic disparities in access to jobs, housing, and education; many advocates say the budget is a “moral document.” This also means that everyone has a stake in state budget outcomes. How Are State Budgets Created? ...

Is a structural imbalance emerging?

Arizona faces projected budget shortfalls for the next three years, while a recent report on Florida’s long term financial outlook warned that “a structural imbalance may be emerging.” It’s a challenge many state lawmakers who entered office during the recent years of overflowing coffers have never faced. “We cannot spend money we do not have. ...

How much will state budget shortfalls cost a state?

Amidst these early uncertainties, some analysts projected budget shortfalls approaching $ 1 trillion for state and local governments combined or $ 555 billion for states alone over fiscal years 2020-2022. ...