The Fiscal Year (FY) 2024 budget development process is well underway, but with about 4 months remaining in FY 2023 this brief takes a fresh look at the state’s current fiscal picture. Based on current spending and revenue collections to date, the fiscal year appears in balance with an estimated surplus of approximately $600 million. However, above benchmark revenue collections are liable to diminish, impacting the resources available.
To provide further context on the state’s fiscal position, this brief begins with an examination of revenue collection trends to date and an estimation of the resources available to support supplemental spending in FY 2023. It then provides an update on two supplemental budgets recently passed by the Legislature and filed by the Governor and assesses how they may impact available resources.