State Budget Issues Across the Nation: How does North Carolina Compare? North Carolina Office of State Budget and Management Annual Conference October 17, 2007 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
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State Budget Issues Across the Nation: How does North Carolina Compare? North Carolina Office of State Budget and Management Annual Conference October.
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State Budget Issues Across the Nation:How does North Carolina Compare?
North Carolina Office of State Budget and Management
Annual Conference
October 17, 2007
Scott PattisonExecutive Director
National Association of State Budget Officers
444 North Capitol Street, NW, Suite 642 • Washington, DC 20001 • (202) 624-5382 • www.nasbo.org
2NASBO
Current Fiscal Situation
3NASBO
Recent Trends
Slowing revenue FY 2008
Some states experiencing significant shortfalls
Continued movement toward increased government accountability and transparency
4NASBO
Recent Trends
Increased attention towards infrastructure and transportation
Focus on health care
Calls for increasing early education
5NASBO
Current Revenue and Budget Shortfalls
Virginia -- use of rainy day fund, spending cuts, and layoffs -- $641million shortfall
South Carolina -- $81 million shortfall at the end of FY 2007 -- declining revenue growth in FY 2008.
Maryland -- $1.7 billion shortfall – looking at changes in tax structure and gambling
Florida -- special session to deal with $1.5 billion shortfall
6NASBO
Expenditure Growth
General Fund Expenditure Growth (%)
-4
-2
0
2
4
6
8
10
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
**
2008
**
%
Actual Inflation Adjusted
*29-year historical average rate of growth is 6.5 percent **Fiscal 07 numbers are estimated; fiscal 08 reflect recommended budgets
Source: NASBO June 2007 Fiscal Survey of States
*
7NASBO
Expenditure Growth in NC and Selected States
All States General Fund Expenditure Growth Rate Compared to Selected States General Fund Growth Rate
-5
0
5
10
15
20
2007 (estimated) 2008 (recommended)
%
National North Carolina Virginia South Carolina Tennessee
Source: NASBO June 2007 Fiscal Survey of States
8NASBO
Balances Remain Healthy; Some Decline Likely for Fiscal 2008
Total Year-End Balances and Total Year-End Balances as a Percentage of Expenditures, Fiscal 1979-Fiscal 2008 (Recommended)