>According to the Center on Budget and Policy Priorities at least 29 states plus the District of Columbia, including several of the nation’s largest states, faced an estimated $48 billion in combined shortfalls in their budgets for fiscal year 2009 (which began July 1, 2008 in most states.) At least three other states expect budget problems in fiscal year 2010.
The 29 states in which revenues were expected to fall short of the amount needed to support current services in fiscal year 2009 are Alabama, Arkansas, Arizona, California, Connecticut, Delaware, Florida, Georgia, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and Wisconsin. In addition, the District of Columbia closed a shortfall in fiscal year 2009. The budget gaps totaled $47.6 to $49.2 billion, averaging 9.3 percent to 9.7 percent of these states’ general fund budgets. California — the nation’s largest state — faced the largest budget gap. The shortfalls that states other than California faced averaged 6.2 percent to 6.7 percent of these states’ general fund budgets.
New Jersey’s budget shortfall is estimated to be $2.5 – $3.5 billion dollars or 7.6% – 10.6% of the FY 2008 General Fund.
Click on the headline to see the report from the Center on Budget and Policy Priorities