A 50-state budget report puts New York in the middle
The National Conference of State Legislatures has released a report previewing the state budget cycle in all 50 states, which finds New York somewhere in the middle of most metrics.
New York State saw a 3.3 percent revenue growth between Fiscal Year 2012 and Fiscal Year 2013, and a 4.4 percent growth in expenditures. There were 29 states that had a higher revenue growth than New York, with Colorado the highest at 16.7 percent, and Alaska the lowest, losing 13.4 percent.
A summary of the report says most states are forecasting lower revenue growth next year, with the expectation that some taxpayers shifted their burden to the previous fiscal year to avoid higher rates.
New York is one of 33 states that expect revenue growth in Fiscal Year 2014. The state expects a 4.3 percent increase, and a 3.7 percent growth in expenditures. Eight states expect a higher rate of growth, Puerto Rico the highest with 8.9 percent, followed by the District of Columbia at 7.1 percent.
New York is projected to take in $61.2 billion in the general fund, spend $61.2 billion, and end the year with a $1.7 billion balance.
The state predicts a 1.8 percent increase in spending out of 2014 total state funds for K-12 education, a 3.3 percent increase for higher education (with a 6.4 percent increase from the general fund), a 4.2 percent increase in corrections, and a 0.7 percent increase in Medicaid (with a 3.5 percent increase out of the general fund).
In K-12 education, North Dakota will see the biggest increase in spending at 32.9 percent, and Minnesota will see the biggest decrease, at 13.5 percent. For higher education, New Hampshire has the biggest expected increase, at 25.8 percent, and West Virginia has the biggest decrease, at 5.8 percent.
Maine will have the biggest increase in corrections spending, at 12.8 percent, and Wyoming will have the biggest decrease at 7.9 percent. Wisconsin will have the greatest increase in Medicaid spending, at 24.2 percent, and Indiana will have the biggest decrease, at 9.9 percent.
The state’s rainy day fund has stayed consistent since at least 2012, at $1.3 billion and is projected to stay consistent through 2014. New York is one of eight states to maintain a balance of more than $1 billion. Two states have a balance of $0: Nevada and New Jersey, along with Puerto Rico.