Friday, December 7, 2012

State Finances for FY2011

On December 6, 2012 the US Census Bureau released data on state finances for FY 2011 here, including spending and revenue for each individual state and for all states combined.

On December 7, 2012 we updated state and local spending and revenue data for FY2011 through FY2017 as follows:
  1. We replaced "guesstimated" state spending and revenue data for FY2011 using the new FY2011 data from the Census Bureau.
  2. We replaced "guesstimated" local spending and revenue data for FY 2011 with estimates for each spending and revenue category using the trends in state finances between FY 2010 and FY 2011.
  3. We replaced "guesstimated" state revenue data for FY 2012 with data from the Census Bureau's quarterly state tax summary here.
  4. We replaced "guesstimated" local revenue data for FY 2012 with estimates for each category using trends for each category of state revenue between FY 2011 and FY 2012.
  5. We replaced "guesstimated" state and local spending and revenue for FY 2013 thru FY2017 with new guesstimates based on the latest Census Bureau data for FY 2011 state finances and FY 2012 quarterly tax data.
The Census Bureau expects to release local spending and revenue data for FY 2011 in Summer 2013.

Note:  "Business and Other Revenue" continues to show large gains as state pension funds extend their recovery from the Crash of 2008.

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