Fiscal 2021 State General Fund, Preliminary Actual (Millions)

Alabama — Expenditure adjustments include transferring $22.3 from the GF to the GF Budget Reserve Fund, transferring $146.6 from the ETF to the ETF Budget Stabilization Fund, and transferring $307.1 from the ETF to the ETF Advancement and Technology Fund.

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

Arkansas — Total available revenue amounts are reported as net of refunds and special dedications/payments. 25% of the first $200M ($50M) of the ending balance was transferred to the State Highway and Transportation Department Fund. The remaining amount transferred to the General Revenue Allotment Reserve Fund. After the start of the next fiscal year, any remaining balances in the General Revenue Allotment Reserve Fund that were not obligated, were transferred to the Long Term Reserve Fund. [Transfers from the ending balance were 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 2021 for COVID-19 and wildfires are included as “revenue adjustments”. Revenue adjustments include $7,833 million in transfers and loans to/from the General Fund (primarily comprised of a net revenue transfer of $5,011 million from the rainy day fund) as well as $570.4 million in estimated cost recoveries for COVID-19 and wildfires. The ending balance includes the SFEU, but excludes the BSA, the Safety Net Reserve Fund, and the Public School System Stabilization Account (PSSSA). The excluded amounts are $12,339.4 million for the BSA, $450 million for the Safety Net Reserve Fund, and $1,889.2 million for the PSSSA at the end of FY 2021. Adding these amounts to the FY 2021 ending balance, the projected total balance is $42,927.5 million in FY 2021. The rainy day balance is made up of the SFEU, BSA, the Safety Net Reserve Fund, and the PSSSA 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.

Connecticut — FY 2021 Rainy Day Fund balance includes a deposit of $1.24 billion due to the volatility cap and $480.9 million from the FY2021 surplus. This brought the balance of the Budget Reserve Fund to 20.5 percent of net General Fund appropriations. 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. Due to fund being above the 15% cap, $903.6 million will be transferred from the Rainy Day Fund to reduce the liabilities of the TRS Pension Funds and $238.8 million, in addition to the $480.9 million surplus, will be deposited to reduce the SERS liabilities.

Delaware — FY 2021 General Fund balance also includes $63.1 million in the Budget Stabilization Fund

Florida — Revenue adjustments include CARES Act funds, FEMA Reimbursements, and Coronavirus State Fiscal Recovery Funds, in addition to “traditional” adjustments associated with trust fund transfers, reversions, and various other actions. Expenditure adjustments include CRF disbursements.

Georgia — Adjustments to revenue includes FY 20 agency surplus returned as reported in the Georgia Revenues and Reserves Report. Georgia’s Rainy Day Fund has a limit of 15% of prior year state revenues and is fully filled for FY 2021.

Hawaii — Adjustment in FY 2021 include a $750 million working capital loan and $83.2 million transfer from non-general funds pursuant to Act 87, SLH 2021.

Idaho — Figures reported here are as of March 2021, which were used to establish “final” revenue benchmarks for the legislative session. Revenue adjustments: $619.4M for statutory/legislative transfers out, $4M for statutory/legislative transfers in, $1.1M for reappropriation, $26.2M for tax conformity, $60.4M for prior-year and early reversion, $.3 for deficiency warrants. Revenue adjustments – did not include Public Safety Salary Reimbursement from CARES Act. Expenditures include: $195.5M for Governor’s holdback and Board of Examiner’s Reduction (K-12). Expenditure adjustments: $120.7M for Covid-related expenses, $1.1M prior-year reappropriation, $23.3 for legislative action – Medicaid receipts, Cat Health Care Program claims payments, and other miscellaneous adjustments.

Illinois — Total revenues include $38,558M in state sources, $4,744M in federal, $1,550M in transfers in. Adjustments include $1,998M short-term borrowing proceeds from the Municipal Liquidity Facility. Total expenditures include $32,071M in FY21 appropriations, $8,624M in pension contributions, $2,046M in transfers out. Expenditure adjustments include -$1,320M in unspent appropriations, $544M in interfund and investment borrowing repayment and $2,209M in MLF borrowing repayment

Indiana — Revenue adjustments include a $10.0 million transfer from a dedicated fund named the Agency Settlement Fund per the 2019 Budget Bill and a $440.0 million in reimbursement from the Coronavirus Relief Fund for public safety and public health payroll costs. Federal fund revenues are usually not included in revenue or adjustment figures, but since this funded customary public health/safety payroll, our intent was not to artificially lower spending lending levels. Expenditure adjustments include $27.0 million reversion in unspent prior year appropriations, a transfer of $214.7 million in unspent FY21 Medicaid appropriation to the Medicaid Contingency and Reserve Account, a transfer of $196.8 million in unspent K-12 Tuition Support appropriation to the State Tuition Reserve fund.

Iowa — Total Revenues are as actual, also included in revenue adjustments is $246.9 million of residual funds transferred to the General Fund after the Reserve Funds are filled to their statutory maximum amounts. Total Expenditures include $44.2 million of supplemental appropriations and an adjustment of $4.1 million to standing appropriations.

Kansas — $9.0 million in prior year released encumbrances shows as revenue.

Kentucky — Revenue includes $126.3 million in Tobacco Settlement Funds. Revenue adjustments include $375 million that represents appropriation balances carried forward from the prior fiscal year, and $171.1 million from fund transfers into the General Fund. Expenditure adjustments include $715.7 in appropriation balances forwarded into the next fiscal year and budgeted balances to be expended in the next fiscal year.

Louisiana — Revenue adjustments – includes $90.1m use of Budget Stabilization Fund, and $67.2m of FY19-20 revenue carried forward from FY20 to FY21.Expenditure adjustments – $270.4m use of surplus (includes transfers 25% to the Budget Stabilization Fund and 10% to the Retirement Systems Unfunded Accrued Liability (UAL)), and $96m of transfers to various funds.

Maine — Revenue and Expenditure adjustments reflect legislatively authorized transfers and year-end closing adjustments. Transfers in included $50 million in available balances in liquor sales account and there was about $15 million in lapsed balances and other adjustments adding to available resources at year-end. As May 2021 projections for FY21 revenue substantially exceeded the previous forecast, the biennial budget enacted for 2022-2023 ultimately included approximately $351 million in transfers of FY21 GF unappropriated revenue to Other Special Revenue accounts in agencies for a variety of one-time purposes. The budget also included a transfer out of another $8 million to the Budget Stabilization Fund. FY21 actual revenues exceeded budget as well so year-end statutorily required transfers included nearly $106 million to Transportation’s Highway and Bridge Capital account, $2.5 million to the Reserve for Operating Capital and $223.6 million to the Budget Stabilization Fund.

Maryland — Revenue adjustments include $25.8 million in transfers from tax credit reserves and $341 million in FEMA reimbursement. Expenditure adjustments include $248.4 in agency reversions.

Massachusetts — Data as of 8/27/21. 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 government and balance sheet adjustments. Adjustments (Revenues): Transfer from various restricted funds to the General Fund. Adjustment (Expenditures): Total deposit of $535 to the Budget Stabilization/Rainy Day Fund.

Minnesota — Rainy Day Fund balance includes cash flow account of $350 million and a budget reserve of $2,377 billion. Includes stadium reserve of $80.738 million.

Mississippi — Figures for fiscal 2021 here reflect revenue and spending projections at the time of budget enactment for fiscal 2022, not preliminary actual data (preliminary actual data currently not available). Adjustments to expenditures reflect statutory transfers and Reappropriations.

Missouri — Revenue adjustments include transfers from other funds into the General Revenue fund and $250M in cash flow borrowing paid back to the Coronavirus Relief Fund.

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, and $3.3 million to the Water Resources Cash Fund. There were also usual and customary transfers into the General Fund from other cash funds, which were reduced by $3 million during the 2021 legislative session and is included in the net receipts line. There was also a $10.6 million transfer to the Cash Reserve Fund for revenues in excess of the Certified Forecast for FY 2020. In addition, there was a $125 million reduction from LB 1107 – a comprehensive tax package passed in August 2020 (FY 2021).

Nevada — Revenue adjustments are restricted revenue, reversion, Rainy Day Fund transfers in and reserve transfers in. Expenditure adjustments are restricted transfers out. Reconciliation in process and is subject to change.

New Hampshire — Expenditure Adjustments: The make up of this adjustment total for FY2021 includes $36 million negative GAAP adjustment, a movement of $144 million to the Rainy Day Fund, and a lapse transfer to the highway fund of $6.9 million.

New Jersey — Revenue adjustments include transfers to other funds and estimated lapses; transfer to Surplus Revenue fund from General Fund; the opening fund balance was restated from $2.163.0 to $2,059.1. Total revenue for FY 2021 includes $4.3 billion in revenue from a bond sale. 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 — The information in this row is based on accrual data through May 2021, the latest Consensus Revenue Estimating Group revenue projections, and the data is retrieved from the latest General Fund Financial Summary. Total Revenues for FY21 includes $750 million from the Coronavirus Relief Fund. The funds were appropriated during the 1st Special Session 2020 for FY21 expenditures. Adjustments are net of reversions and transfers from other funds. Revenue adjustments include reversions. Expenditure adjustments include appropriations, expenditures and transfers out.

North Carolina — Expenditure adjustments include: funds transferred to a rural broadband project ($15 million). The revenue adjustment is a $20 million transfer of cash from a special fund to General Fund availability.

North Dakota — Revenue adjustments are transfers of $.8.6 million from the tax relief fund, $382.2 million from the strategic investment and improvements fund, $871.7 from the legacy 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 — Adjustment to revenue of $133.9 million was a net decrease in cash flow funds. Expenditure adjustment of $282 million was a general revenue fund surplus deposited to the Rainy Day Fund. The rainy day fund balance of $541.9 million is split between the Constitutional Reserve Fund, $370.6 million, and Revenue Stabilization Fund, $171.2 million. The unusually large ending balance is a result of the Legislature appropriating less than their authority in response to a negative economic outlook caused by pandemic factors and unexpectedly strong collections.

Oregon — Revenue adjustments include: a revenue adjustment for a statutory transfer to local governments for local property tax relief. Expenditure adjustment includes: the cost of Tax Anticipation Notes, as well as the required deposit into the Rainy Day Fund.

Pennsylvania — Revenue adjustments include refunds and lapses. Expenditure adjustment: General Fund balance of $2.622 billion was transferred to the rainy day fund at the end of the fiscal year, leaving a carryover balance for FY 2022 of $0. 2020-21 “final” budget in November 2020 transferred $100 million of rainy day fund to the General Fund.

Rhode Island — To resolve the $110.0 million in FEMA reimbursement which were not recognized in the prior year, FY 2021 included a revenue adjustment of $105.4 million for a FEMA reimbursement receipts and a $3.8 million vendor rebate that was received in FY 2021 and accounted for as an expenditure credit. There was also a transfer of $137.6 million to the Budget Reserve Fund “Rainy Day Fund”), a transfer of $67.0 million to the Information Technology Investment Restricted Account and a transfer of $20.0 million to the Historic Tax Credit Special Revenue Fund and a reappropriation total of $8.4 million from FY 2021. Similarly, as in FY 2020, the state recognized FEMA eligible expenditures of $216.5 million as general revenue expenses in FY 2021, which will be reimbursed during FY 2022 upon FEMA approval. Rhode Island fully repaid the RI Capital Plan Fund in the amount of $120.0 million to help resolve the prior year withdrawal.

South Carolina — Expenditure Adjustments: $251.1M transfer from Contingency Reserve to agencies for COVID response and other purposes. Ending Balance: Includes $1,707.1M Rainy Day Funds ($440.2M General Reserve, $176.1M Capital Reserve, and $1090.8M Contingency Reserve), $679.5M Appropriations Carryforward to FY22, and $1,228.6M Surplus Supplemental Appropriations in FY22.

South Dakota — The adjustment to expenditures of $41.6 million reflects the prior year’s ending balance of $19.1 million along with an additional $22.5 million that was transferred to the rainy day fund. The ending balance of $85.9 million is cash that is obligated to the Budget Reserve fund the following fiscal year. This $85.9 million is not included in the total rainy day fund balance of $215.9 million.

Tennessee — Revenue adjustments: -$250 million transfer to Rainy Day Fund; $150 million from dedicated reserves; $-0.8 million rounding adjustment. Expenditure adjustments: $80.2 million transfer to capital outlay projects fund; $13.1 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. Ending balance: $2,197.5 million unappropriated budget surplus at June 30, 2021. Preliminary Actual Fiscal 2021 revenues are as of the April 12, 2021 amendment.

Texas — End of year adjustments made by the Comptroller (-$319m) account for the difference between the ending balance of FY 2020 to the beginning balance of FY 2021. $2,920m is a transfer to the ESF and State Highway to be allocated equally. The CPA revised the BRE for the 3rd Called Special Session on 9/20/2021 to include $11.23 B projected ending balance for FY 2021. This will also change the transfer to the ESF and State Highway Fund. Adjustments to revenues are used here to account for this updated ending balance projection.

Utah — FY 2021 revenue adjustments include transfers to the General Fund and Education fund and the amount set aside for economic development cash incentives. FY 2021 revenue includes an estimated $795 million of collections that were shifted from FY 2020 to FY 2021 due to the income tax filing extension. The fiscal 2021 revenue provided is based on February 2021 consensus revenue estimates plus impacts of bills enacted during the 2021 General Session, which ended on March 5, 2021. The increase in general fund expenditures for fiscal 2021 was driven in part by a fiscal year shift in some appropriations from fiscal 2020 to fiscal 2021 due to the income tax filing extension.

Vermont — Sec. C.101 of Act 74 (2021) reserved $150M in GF to be part of pension funding initiatives. These funds have not been appropriated by any subsequent legislation.

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 2021 Beginning balance includes $368.7 million of Reappropriations, Unappropriated Surplus Balance of $57,025, $260,245 of cash balance adjustments, and FY 2020 13th month expenditures of $55.9 million. Total Revenues show the FY 2021 actual general revenue collections of $4,987.5 million. Adjustments (Revenue) are prior year redeposits of $0.017 million and special revenue expirations of $25.79 million. Total Expenditures include general revenue appropriated expenditures of $4,581.5 million, surplus appropriation expenditures of $22.02 million, reappropriation expenditures of $115.2 million, $41,160 of cash adjustments, $55.9 million of reappropriations transferred to FY 2021 collections, and $14.4 million of 31 day prior year expenditures. Adjustment (Expenditures) represent $14.0 million which was the amount transferred to the Rainy Day Fund from 1/2 of the FY 2020 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, $0.1m; Prior Year Designated Balance, $600.9m; and Other Revenue, $585.41m. Expenditure adjustments include Transfers, $1,011.5m; Lapses, -$1,264.7m; and Compensation Reserves, $87.7m.

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