On Thursday, Governor Gavin Newsom introduced a revised 2020-2021 state budget proposal that would include over $6 billion in cuts.. $6.1 billion in cuts, a $54.3 billion deficit. Falling Revenue From COVID-19 Has Put State Budgets In Peril Some states face record-breaking deficits because of the coronavirus pandemic. ADVERTISE YOUR BUSINESS HERE | EMAIL: CHRISJFEE@YAHOO.COM. On the other hand, the realization of state expenditure, which reached Rp145.8 trillion in January, 2021, showed an increase of 4.2 percent compared to January, 2020, when the figure was recorded at Rp139.9 trillion. The state’s total general fund budget is $11 billion, an increase of 5.8% from the current fiscal year 2020 level due to baseline cost increases. ... 2021, the state … Including a supplemental cash request to cover cost overruns in the current fiscal year, Wolf is seeking authorization for another roughly $5.5 billion in new spending, or almost 17% more. We now project that the state budget shortfalls expected from COVID-19’s economic fallout will total a cumulative $555 billion over state fiscal years 2020-2022. Unlike the federal government, which can incur budget deficits, states are required by their constitutions to balance their budgets every year. (INE) Related news: Government increases 2021 state budget deficit to 5.7 percent The recommendation for the fiscal year 2021 budget, including all state and federal revenue, stands at $61.9 billion. STATE BUDGET FORECAST SWINGS FROM BILLION DOLLAR DEFICIT TO BILLION DOLLAR SURPLUS. New York state officials are working to close an estimated $15 billion gap in the state’s budget due to costs associated with the pandemic. February 26, 2021. Exploding costs in New York’s popular health-insurance program has led to the biggest budget deficit since Governor Andrew Cuomo took office in 2011. Podcasts. Under the May budget revision, $6.1 billion in programs and spending increases would be cut. State Sen. Caryn Tyson, (R-Parker), chair of the Senate Taxation and Assessment Committee, said the 2021 budget passed by the Kansas Legislature last month is “beyond belief,” and “over the top” in a time of national crisis. As a result, the Center on Budget and Policy Priorities has issued an estimate of the revenue shortfalls in all 50 states for fiscal years 2020, 2021 and 2022. Share on FacebookShare on TwitterShare on LinkedinShare on Pinterest. The state’s school aid fund budget stands at $15.9 “It contains a $1.2 billion increase in total spending (for FY 2021 in the All Funds budget),” she said. All told, the budget proposal would increase spending through the state’s main bank account to $37.8 billion for the 2021-22 fiscal year starting July 1. The nonpartisan Wisconsin Policy Forum report predicts legislators will have to deal with the state's largest budget shortfall since 2011 when they craft the 2021-2023 biennial budget. We … But because the Florida Constitution prohibits the state from operating in a deficit… They expect another $2 billion below estimates in the 2021-22 budget year. This figure is for state shortfalls only and does not include the additional shortfalls that local and tribal governments and the U.S. territories face. COVID-19 related expenses, as well as losses in sales tax revenues during shutdowns, will cost the state about $39 billion over four years, including $11.5 billion in 2021 and $9.8 billion in 2022.
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