Despite minimal growth in tax collections in fiscal 2024, most states ended the year near their revenue forecast based on newly released end-of-year revenue totals. Comparing actual collections to forecasts is a better indicator of state revenue performance than year-over-year growth figures...
Overview Revenue forecasts play a vital role in budget decisions for the current year as well as future spending plans. NASBO’s revenue forecast webpage compiles recent forecasts from across the country. States vary in the frequency and timing of revenue forecasts. However, as shown in...
State Revenues Decline for First Time Since the Great Recession, With the Worst Still to Come The majority of states have closed out fiscal 2020 and, as expected, most states experienced a decline in general fund revenues, both compared to prior-year (fiscal 2019) collections and to pre...
Download PDF State Fiscal Outlook: Pre- & Post-COVID-19 Today, NASBO released its Spring 2020 Fiscal Survey of States . In a typical year, this report reflects the fiscal health of state governments based on governors’ budget proposals for the upcoming fiscal year, and these...
As expected, April tax collections fell sharply with many states experiencing year-over-year declines of at least 50 percent, as highlighted in the below state-by-state press articles. The precipitous drops were brought on by a combination of states shifting their tax deadlines to July 15, and...
Download PDF The COVID-19 pandemic is placing significant stress on state budgets while also drastically reducing revenue sources that fund critical services to citizens. This blog outlines where states get their money from, what they spend this money on and the decisions that must be made...
Updated June 4, 2019 States are reporting higher than expected income tax revenues in the month of April . The significantly higher April income tax revenues, for the most part, are making up for the substantially lower income tax revenues collected in December and January. Through November,...