Study: 44 states face budget deficits in the current fiscal year

Only a few months into fiscal year 2009, 44 states reported this month that they face a combined total of $62.4 billion in budget gaps, according to a report from the National Conference of State Legislatures.
APR 24, 2009
By  Sue Asci
Only a few months into fiscal year 2009, 44 states reported this month that they face a combined total of $62.4 billion in budget gaps, according to a report from the National Conference of State Legislatures. The remaining six states either had not finished their legislative session or had resolved their budget gaps. The study also found that 43 states are projecting a combined deficit of $121 billion for next fiscal year and 31 states predicted a gap for fiscal year 2011. Fully 16 of those states estimated a shortfall of $44.5 billion. Since the recession began last year, states have accumulated a budget gap of $281 billion through fiscal year 2011, according to the report. State officials hope that state revenue collections will begin to inch up and that the deficits have peaked, though upcoming revenue forecasts could add to the problem. “During this legislative session, legislators were left with only tough and unpopular options to balance state budgets,” William T. Pound, executive director of the NCSL of Denver and Washington, said in a statement. “The [budget cuts] will be even more difficult in the next two years, given the serious cuts that have already been made. The easy adjustments have already been taken.”

Latest News

Roughly three-fifths of Americans agree on higher taxes for large corporations, higher-income households
Roughly three-fifths of Americans agree on higher taxes for large corporations, higher-income households

Pew survey reveals slight majority consensus on tax rates, but views splinter based on political alignment and income levels.

The Fed's going to cut rates
The Fed's going to cut rates

While the Federal Reserve's decision to hold interest rates steady in March was widely expected, it's the reactions from financial professionals that provide a more nuanced picture of the central bank's approach.

Ontario Pension Fund revamps PE business in light of global risk
Ontario Pension Fund revamps PE business in light of global risk

The pioneering member of Canada's Maple Eight is stepping back from its go-it-alone private equity approach as a drought in deals and Trump's trade war prompt a rethink.

Raymond James, RBC reel in UBS advisors managing over $690M in assets
Raymond James, RBC reel in UBS advisors managing over $690M in assets

The firms' latest additions in Florida and Nevada come as a strategic change at UBS raises risk of advisor defections.

Assetmark debuts new advisor succession planning program
Assetmark debuts new advisor succession planning program

The new program offers opportunities and events structured for rookies, next-gen advisor leaders, and soon-to-exit veterans.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies