October 31, 2023
PUBLIC FINANCE > Budget > FY 2023

FY 2023 Fiscal Update & Closeout Supplemental Budget

The Fiscal Year (FY) 2024 budget was signed into law on August 9th, but four months into the new fiscal year, work remains for administrative and legislative budget writers to close the books on FY 2023. This work – typically marked by the passage of a closeout supplemental budget – is completed every year; however, a number of factors impacting FY 2023 make this year’s task more challenging. Below benchmark tax revenue collections, new income surtax revenues, outstanding and unanticipated spending obligations, and unexpended appropriations must be reconciled to ensure that the fiscal year ends in balance.