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State Finances NASACT Santa Fe August 13, 2014 Scott Pattison Executive Director National Association of State Budget Officers 444 North Capitol Street,

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Presentation on theme: "State Finances NASACT Santa Fe August 13, 2014 Scott Pattison Executive Director National Association of State Budget Officers 444 North Capitol Street,"— Presentation transcript:

1 State Finances NASACT Santa Fe August 13, 2014 Scott Pattison Executive Director National Association of State Budget Officers 444 North Capitol Street, NW, Suite 642 Washington, DC 20001 (202) 624-5382 www.nasbo.org

2 NASBO 2 Current Economic and Fiscal Situation for States

3 NASBO State Fiscal Overview Most states -- stability and slow growth Revenue growth less in fiscal 2014 and 2015 than fiscal 2013 Most states: budgets with spending increases Additional spending on K-12, higher education, and healthcare 3

4 NASBO 4

5 5 Current Fiscal Situation: Indicators

6 NASBO Slow Budget Growth *37-year historical average annual rate of growth is 5.5 percent *Fiscal 2015 numbers are recommended Source: NASBO Spring 2014 Fiscal Survey of States * Average

7 NASBO States Restoring Some Cuts Made During Recession 7 ($ in Billions) Source: NASBO Spring 2014 Fiscal Survey

8 NASBO States Have Rebuilt Reserves, but Haven’t Reached Peak Levels 8

9 NASBO Budget Cuts Made After the Budget Passed ($ millions) Source: NASBO Spring 2014 Fiscal Survey Minimal Midyear Budget Cuts in Fiscal 2014

10 NASBO 10 Critical Challenges

11 NASBO 11

12 NASBO 12

13 NASBO K-12 and Medicaid Spending as a % of Total State Expenditures 13 % Source: NASBO State Expenditure Report

14 NASBO 14 Dear Ol’ Uncle Sam Highway Trust Fund Few or no Approps by Oct 1 Sequestration in Place Debt Limit: March 2015 Taxes

15 NASBO 15 Revenue Issues  Income Tax/Fiscal Cliff  Sales  Gaming becoming limited

16 NASBO 16 Background on State Spending Trends

17 NASBO 17 Education Prisons TransportationHealth

18 NASBO Spending by Funding Source (Percentage) 18 Source: NASBO State Expenditure Report

19 NASBO Total State Expenditures by Function, Estimated Fiscal 2013 Source: NASBO State Expenditure Report

20 NASBO General Fund Expenditures by Function, Estimated Fiscal 2013 Source: NASBO State Expenditure Report

21 NASBO 21 Revenue Sources in the General Fund (Percentage) Source: NASBO State Expenditure Report

22 NASBO 22 Outlook

23 NASBO 23

24 NASBO 24 State Fiscal Outlook Slow increase in spending Revenue growth remains slow in fiscal 2015 Challenges: infrastructure, long-term liabilities “Crowd Out” Federal impacts

25 NASBO 25 www.nasbo.org Scott Pattison (202) 624-8804 spattison@nasbo.org

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