Josh Goodman is a former staff writer for GOVERNING..
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Finance
Budget Builders: Collecting and Spending Stay Steady
More than half of the states exceeded their budgeted tax revenue in the 2007 fiscal year, according to data compiled by the National Association of State Budget Officers in their biennial "Fiscal Survey of States." Revenue came in below projections in just nine states.
Overall, spending increased by 8.6 percent for the fiscal year or, when adjusted for inflation, 5.3 percent. That was roughly the same growth rate as 2006 and the third straight year that inflation- adjusted spending increased.
Most states don't expect widespread revenue problems next year. Only six governors are recommending lower overall expenditures. Nationally, state spending is expected to rise by 4.2 percent, a modest increase even when taking into account inflation.
Nonetheless, states face long-term fiscal challenges, most notably from Medicaid, which is increasing at a slower rate than a few years ago, but in 2007 accounted for 22.2 percent of state spending.
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