Fiscal 2020 State General Fund, Actual (Millions)

Alabama — Revenue adjustments include transferring $15 million from the ETF Advancement and Technology Fund to the ETF. Expenditure adjustments include transferring $66.5 million from the ETF to the ETF Budget Stabilization Fund, transferring $512.9 million from the ETF to the ETF Advancement and Technology Fund, and transferring $5 million from the GF to the GF Budget Reserve Fund.

Alaska — Adjustments include: Prior-year appropriation lapses/reversions to the general fund; Transfers from other funds into the general fund; permanent fund dividends.

Arizona — Includes deposit into Budget Stabilization Fund (Rainy Day Fund).

Arkansas — 25% of the ending balance was transferred to the Arkansas Highway Transfer Fund, the remaining transferred to the General Revenue Allotment Reserve Fund. Total available revenue amounts are reported as net of refunds and special dedications/payments.Transfers from the ending balance has been amended in statute during the 2021 Regular Session, where 25% of the first $200M over Revenue Stabilization will be transferred to the Department of Transportation and the remaining amount will be transferred to the General Revenue Allotment Reserve. Previous statute stated, 25% of any amount over Revenue Stabilization would be transferred to the Department of Transportation.

California — Total Revenues reflect revenues before transfers and loans to/from the General Fund. Estimated cost recoveries for Fiscal 2020 for COVID-19 and wildfires are included as “revenue adjustments”. Revenue and expenditure adjustments to the beginning fund balance consist primarily of adjustments made to major taxes and other non K-12 spending. Revenue adjustments include $4,682.4 million in transfers and loans to/from the General Fund as well as $706.9 million in estimated cost recoveries for COVID-19 and wildfires. The ending balance includes the Special Fund for Economic Uncertainties (SFEU) but excludes the BSA (a rainy day reserve held in a separate fund) and the Safety Net Reserve Fund. The excluded amounts are $17,350.4 million for the BSA and $900 million for the Safety Net Reserve Fund at the end of FY 2020. Adding these amounts to the FY 2020 ending balance, the projected total balance is $23,807.2 million in FY 2020.The rainy day balance is made up of the SFEU, BSA, and the Safety Net Reserve Fund, however, withdrawals of mandatory deposits from the BSA are subject to provisions of Proposition 2, 2014. The ending balance includes a reserve for encumbrances of $3,175.1 million representing amounts which will be expended in the future for state obligations for which goods and services have been ordered/contracted but have not been received by the end of the fiscal year. These amounts are shown as a reserve to the fund balance instead of a hit to the fund balance.

Colorado — Revenue Adjustment represents transfers to the general fund. Expenditure Adjustment represents reversions and accounting adjustments.

Connecticut — FY 2020 Rainy Day Fund balance includes a deposit of $530.3 million due to the volatility cap and a deposit of $38.7 million due to a surplus at the end of the FY. Once the Rainy Day Fund reaches 15% of the following fiscal year’s projected expenditures, Connecticut statute requires funds in excess of the 15% to be transferred from the Rainy Day Fund to reduce the unfunded liability of the State Employees Retirement (SERS) Pension Fund or Teachers Retirement (TRS) Pension Fund, and to reduce bonded indebtedness. The Rainy Day Fund balance at the end of FY 2020 reached the 15% threshold of FY 2021 expenditures. $61.6 million was transferred from the Rainy Day Fund to reduce the liabilities of the SERS Pension Funds. The Rainy Day Fund will then have a total balance of $3,012.9 million after the transfer.

Delaware — FY 2020 General Fund balance also includes $126.3 million in the Budget Stabilization Fund.

Georgia — FY 20 beginning balance reflects general fund balances as of June 30, 2019 for Revenue Shortfall Reserve, Guaranteed Revenue Debt Common Reserve Fund, and State Revenue Collections as reported on the FY 19 Combined Balance Sheet of the Budgetary Compliance Report. Adjustments to Revenues include FY19 agency surplus returned and early remittance of FY 20 surplus from state agencies.

Hawaii — Due to a combination of timing issues with enactment of various laws and accounting system limitations certain items were processed in FY 21 but have been reflected as authorized in FY 20. Adjustment in FY 2020, $648 million deposit to the general fund from the Emergency and Budget Reserve Fund.

Idaho — Revenue adjustments: $84.5M for statutory/legislative transfers out, $20.1M for statutory/legislative transfers in, $.4M for miscellaneous adjustments, $7.5M for prior-year reversion, $2.9 for reappropriation. Expenditure adjustments: $17.6M reversions, $2.9M prior-year reappropriation, $1.1M miscellaneous adjustments.

Illinois — Total revenues include $32,078M in state sources, $3,551M in federal, $2,431M in transfers in. Adjustments include $1,198M short-term borrowing proceeds from the Municipal Liquidity Facility (MLF), $462M interfund borrowing, $400M in Treasurer’s investment borrowing and minus $199M in Comptroller budgetary basis adjustments. Total expenditures include $30,997M in appropriations, $8,328M in pension contributions, $2,309M in transfers out, and $287M in interfund and investment borrowing repayment. Expenditure adjustments include -$1,725 in unspent appropriations, -$23M in Comptroller budgetary basis adjustments, -$102M in accounts payable, and -$215M in transfers for unclaimed property.

Indiana — Revenue adjustments include a transfer to the General Fund to assist with the Integrated Tax System, a casino relocation fee, a $13.2 million transfer from a Special Transportation Flexibility Fund, a one-time judgment payment of $73.1 million, and a $577.6 million transfer from the Medicaid Contingency & Reserve Account (part of “Rainy Day Fund Balances” in FY19 and prior). Expenditure adjustments include reversions from prior year distributions, capital, and reconciliations; reversions from prior year Medicaid appropriations; state agency and university line item capital projects; the cost of a 13th check for pension recipients; and minimal one-time expenditures.

Iowa — Total Revenues are as actual, also included in revenue adjustments is $195.6 million of residual funds transferred to the General Fund after the Reserve Funds are filled to their statutory maximum amounts. Total Expenditures actual appropriations including $185.6 million of supplemental appropriations for FY2020.

Kansas — $11.9 million in prior year released encumbrances shows as revenue.

Kentucky — Revenue includes $112.7 million in Tobacco Settlement Funds. Revenue adjustments include $222.8 million that represents appropriation balances carried forward from the prior fiscal year, and $317.1 million from fund transfers into the General Fund. Expenditure adjustments include $375 in appropriation balances forwarded into the next fiscal year and budgeted balances to be expended in the next fiscal year.

Louisiana — Revenue adjustments – includes $87.9m of Carryforwards, $1.2m unappropriated use of FY17 & FY18 surpluses, $1.1m other receipts, Expenditure adjustments – $59.4M includes $67.3m of carryforwards, $1.2m of unappropriated uses of surplus, minus ($9.0m) of pending transfers to be completed in FY21.

Maine — Revenue and Expenditure adjustments reflect legislatively authorized transfers and year-end closing adjustments. Legislatively authorized transfers included transfers in from prior year balances available in carrying accounts and transfers out to the Budget Stabilization Fund ($17.4 million) and for funding going to other dedicated revenue accounts. Year-end adjustments included lapsed encumbrances, unbudgeted lapsed balances, other accounting adjustments and a statutory year-end transfer of $2.5 million to Reserve for Operating Capital.

Maryland — Revenue adjustments include $27.6 million in transfers from tax credit reserves, a $158 million transfer from the Revenue Stabilization Account (Rainy Day), and -$2.9 million in revenue under attainment from transfers. Expenditure adjustments include $443.6 million in reversions, which was largely driven by the utilization of federal Coronavirus Relief Funds to replace salaries for public safety officials (State Police, etc.) as well as a spending and hiring freeze for State agency operations.

Massachusetts — General Fund is defined as all budgeted operating funds, adjusted for expenditures funded by federal reimbursements. This is to better align with spending reported in the State Expenditure Report and be more comparable to most other states, which book federally reimbursed expenditures in a separate federal fund; adjustments also account for certain transfers between budgeted funds.

Michigan — Revenue totals are net of payments to local governments and balance sheet adjustments. Adjustments (Revenues): Transfer from various restricted funds to the General Fund. Adjustments (Expenditures): $42 million transfer to the School Aid Fund.

Minnesota — Rainy Day Fund balance includes cash flow account of $350 million and a budget reserve of $2,359 billion. Includes stadium reserve of $55.7 million and an appropriation carried forward amount of $246 million.

Mississippi — Adjustments to expenditures reflect statutory transfers and Reappropriations.

Missouri — Revenue adjustments include transfers from other funds into the General Revenue Fund and $250M borrowed from the Coronavirus Relief Fund for cash flow purposes.

Montana — Revenue adjustments reflect prior year revenue activity and expenditure adjustments reflect prior year expenditure activity and adjustments to fund balance as a result of the annual CAFR reconciliation.

Nebraska —Revenue adjustments are transfers between the General Fund and other funds. These include a $272 million transfer from the General Fund to the Property Tax Credit Cash Fund. There is an additional $11 million transfer to the Water Sustainability Cash Fund, $3.3 million to the Water Resources Cash Fund, and $500,000 to the Cultural Preservation Endowment Fund. There are also $48.5 million in usual and customary transfers into the General Fund from other cash funds, which is included in the net receipts line. There was also a $176.4 million transfer to the Cash Reserve Fund for revenues in excess of the Certified Forecast for FY 2019.

Nevada — Revenue adjustments are restricted revenue, reversion, Rainy Day Fund transfers in and reserve transfers in. Expenditure adjustments are restricted transfers out.

New Hampshire — Expenditure Adjustments: The make up of this adjustment total for FY2020 includes $8.7 million negative GAAP adjustment, a movement of $0.2 million to the Rainy Day Fund, a movement of $4.0 million to the Highway Fund, and a movement of $68.1 million to the Education Trust Fund at year end.

New Jersey — Revenue adjustments include lapses; transfers to other funds; transfer from Surplus Revenue fund to General Fund. NJ extended its FY20 budget fiscal year from June 30 to September 30, 2020, and shortened budget FY21 to 9 months for the period of Oct 1 – June 30, 2021. All amounts and actions reported in this survey reflect a 12 month accounting fiscal period for each year.

New Mexico — Adjustments are net of reversions and transfers from other funds. Revenue adjustments include reversions. Expenditure adjustments include appropriations, expenditures and transfers out.

New York — The Rainy Day Reserve increased by $428 million after a deposit from the General Fund. This was the result of a transfer from the State Purposes Account to the Rainy Day Reserve Fund. Both the State Purposes Account and Rainy Day Reserve Fund are components of New York State’s General Fund. General Fund revenues and expenditures include operating transfers to/from other funds which constitute legally authorized transfers from a fund receiving revenues, to a fund through which disbursements will ultimately be made.

North Carolina — Expenditure adjustments include: funds transferred to Budget Stabilization Reserve (Savings Reserve) ($36.5 million), a transfer to a rural broadband project ($15 million), and a transfer to the Department of Transportation out of the General Fund, $64 million, for a total of $115.5 million.

North Dakota — Revenue adjustments are transfers of $382.2 million from the strategic investment and improvements fund and $70.0 million from other special fund sources to the general fund.

Ohio — The negative revenue adjustment reflects the difference between federal revenues and federal expenditures in the general fund for the fiscal year. This change is needed to tie to actual ending fund balance. Federal reimbursements for Medicaid expenditures funded from the General Revenue Fund (GRF) are deposited into the GRF. Federal reimbursements for Medicaid expenditures from non-GRF sources are deposited into the appropriate federal fund. Expenditures of federal funds are not included in the General Fund number to be consistent with new NASBO survey guidelines.

Oklahoma — Revenue adjustments include $366.4 million deposit into the GRF from the Constitutional Reserve Fund (Rainy Day Fund) of $302.3 million and $64.1 million from the Revenue Stabilization Fund as directed by Legislative action. Reconciliation adjustments added $83.2 million to resource total reported in spring survey. A total of $229.9 million in reserves were available entering FY21, including $58.7 million in the Rainy Day Fund and $171.2 million in the Revenue Stabilization Fund.

Oregon — Revenue adjustments include: a revenue adjustment for a statutory transfer to local governments for local property tax relief.

Pennsylvania — Revenue adjustments include refunds, lapses and adjustments to beginning balances. Expenditure adjustments include a reduction for federal COVID funds.

Rhode Island — Adjustments to revenues reflect a transfer of $126.4 million to the State Budget Reserve and Cash Stabilization Account (“Rainy Day Fund”) offset by a transfer from the State Budget Reserve and Cash Stabilization Account of $120.0 million and a reappropriation total of $5.3 million from FY 2019. In FY 2020, there was a $110.0 million FEMA reimbursement disallowance which resulted in a FY 2020 general revenue expenditure. This general revenue expenditure was recognized in expectation that an offsetting positive fund balance adjustment would take place in FY 2021 as FEMA reimbursement was received.

South Carolina — Revenue Adjustments: $9.6M transfer from Litigation Recovery Fund Expenditure Adjustments: $151.6M transfer from Capital Reserve to agencies, $246.5M transfer from Contingency Reserve to agencies for COVID-19 response, $61.4M one-time taxpayer rebate related to State income taxes collected on prior year Powerball winnings. Ending Balance: includes Rainy Day Funds ($406.2M General Reserve and $775.0M Contingency Reserve), and $623.5M Carrryforward Appropriations to FY21.

South Dakota — The beginning balance of $19.4 million and adjustment to expenditures reflects the prior year’s ending balance that is transferred to the rainy day fund. Adjustments to revenue of $22.4 million is from one-time receipts. The ending balance of $19.1 million is cash that is obligated to the Budget Reserve fund the following fiscal year. This $19.1 million is not included in the total rainy day fund balance of $174.3 million.

Tennessee — Revenue adjustments: $31 million transfer from debt service fund unexpended appropriations; -$325 million transfer to Rainy Day Fund; -$12.8 million transfer to Highway Fund; $106.3 million transfer from dedicated revenue reserves; $-95.1 million balancing estimate. Expenditure adjustments: $406.7 million transfer to capital outlay projects fund; $49.5 million transfer to state office buildings and support facilities fund; $3.7 million transfer to debt service fund; $1.0 million transfer to reserves for dedicated revenue appropriations; $464.2 million transfer to reserves for unexpended appropriations; $5.1 million transfer to systems development fund. Ending balance: $1,515.1 million reserve for appropriations 2020-2021; $476 million unappropriated budget surplus at June 30, 2020.

Texas — $2,196.3 is a transfer to the ESF and State Highway to be allocated equally.

Utah — Expenditure adjustments include $44.2 million of surplus revenue collections were automatically transferred to rainy day funds and other funds at the end of FY 2020 based on statutory formulas. FY 2020 revenue adjustments include transfers to the General Fund and Education fund, the amount set aside for economic development cash incentives, funds that lapsed to General Fund or Education Fund at the end of FY 2020, and other revenue adjustments.

Vermont — $10.5M in adjusted revenues reflect amounts reserved at the end of FY2018, that were subsequently unreserved in fiscal year 2019, and were intended to address potential tax refunds due in fiscal year 2019, as well other general appropriations. $96.9M in adjusted expenditures reflect the following net-transfers among state special funds and the General Fund, and General Fund reserves including; the payment-in-full of a $22.3M interfund loan due to the General Fund, a $13.3M additional contribution to the Vermont State Employees’ Retirement System above and beyond the ADEC, and a combination of statutory and supplemental contributions to the state’s General Fund reserves (“Rainy Day” funds).

Virginia — Total revenues include transfers.

Washington — Revenue adjustments reflect the net of transfers in and out of the General Fund, as well as prior biennium recoveries and similar resource adjustments. Revenue figure reflects total general fund revenues, before transfers in and out of the general fund (which are included as adjustments).

West Virginia — Fiscal Year 2020 Beginning balance includes $397.9 million of Reappropriations, Unappropriated Surplus Balance of 36.9 million, $3.76 million of cash balance adjustments, and FY 2019 13th month expenditures of $79.4 million. Total Revenues show the FY 2020 actual general revenue collections of $4,494.9 million. Adjustments (Revenue) are prior year redeposits of $0.016 million and special revenue expirations of $47.95 million. Total Expenditures include general revenue appropriated expenditures of $4,280.9 million, surplus appropriation expenditures of $54.5 million, reappropriation expenditures of $169.6 million, $3.5 million of cash adjustments, $79.4 million of reappropriations transferred to FY 2020 collections, and $54.4 million of 31 day prior year expenditures. Adjustment (Expenditures) represent $18.4 million which was the amount transferred to the Rainy Day Fund from 1/2 of the FY 2019 surplus. The Ending Balance is mostly the historically carried forward reappropriation from previous fiscal years (estimated amounts that will remain and be reappropriated to the next fiscal year), the estimated 13th month expenditures applicable to the current fiscal year & the any unappropriated surplus balance (estimated) from the current fiscal year.

Wisconsin — Revenue adjustments include Tribal Gaming, $5.3m; Prior Year Designated Balance, $97.1m; and Other Revenue, $528.3m. Expenditure adjustments include Transfers, $149.1m; Lapses, -$525.3m; and Compensation Reserves, $3.7m.

Wyoming — The State of Wyoming budgets on a biennial basis, and to arrive at annual figures certain assumptions and estimates are required.