Revenues for state and local governments across the country fell 22 percent in fiscal year 2009, according to data released Monday by the U.S. Census Bureau.
The drop represents a combined $587 billion decline from fiscal year 2008. Decreases were reported in nearly all revenue categories. Corporate income tax revenues fell more than 19 percent while individual income taxes dipped 11 percent.
Combined figures for state and local governments showed the largest revenue declines in the following states:
|State||2009 Revenue||% Change from FY 2008|
|New York||$175.6 billion||-27.4%|
Areas experiencing increases include unemployment compensation (86 percent), insurance benefits and repayments (17.9 percent) and insurance trust expenditures (17.9 percent).
Debt rose, accordingly, with a 5.1 percent combined increase for state and local governments.
Other highlights from the data include:
The Census Bureau compiled the data for its annual Survey of State and Local Government Finances.
Select a state below to view a summary of financial figures for state and local governments. Additional data is available on the bureau's website.
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