Fiscal year 2023 began several months ago, but the loose ends of an eventful FY 2022 provides a more intriguing budget plotline. Unprecedented tax collections, outstanding spending bills, and close to $3 billion in taxpayer refunds combine for a fascinating and confusing fiscal picture with major implications for tax and spending decisions in the months ahead.

This Brief provides an update on the state’s FY 2022 fiscal situation as we await final action on economic development and supplemental spending vehicles.