Monday, October 31, 2011

State and Local Update for 2009

On October 31, 2011 updated the state and local spending and revenue from FY 2009 to FY 2016 using the newly released Census Bureau State and Local Government Finances for FY 2009.

State and local spending and revenue for FY2009 are now actual historical spending as reported by the Census Bureau.

State tax numbers for 2010 and 2011 are those released by the Census Bureau in "Table 3 - Latest Tax Collections by State" of the Quarterly Summary of State & Local Tax Revenue.  Local taxes for 2010 and 2011 are estimated by assuming the same year on year change as the state taxes for the same type.  Taxes and revenues not included in the Quarterly Summary are "guesstimated" from trends established for 2008 to 2009.

State and local numbers for 2010 through 2016 were created to project forward the change between 2008 and 2009 (except where actual and estimated numbers are available from the Quarterly State and Local Revenue Summary).  See Change to "Guesstimated" State and Local Spending for details of this procedure.

UPDATE: Numbers for state and local finances for 2007 and 2008 updated using Census Bureau revised data.

Saturday, October 22, 2011

US Deficit for FY11

On October 14, 2011, Treasury Secretary Tim Geithner and OMB Director Jacob Lew announced that the federal deficit for FY11 was $1.299 trillion. Here are the numbers, including total receipts, total outlays, and deficit compared with the numbers projected in the federal budget published in February 2011:

Federal Finances
FY11 Outcomes
Receipts $2,174  $2,302
Deficit$1,645$1,299 now shows the new numbers for total outlays and receipts, but will not update detailed FY2011 numbers until the FY2013 federal budget is published in February 2012.