Fiscal 2021 State General Fund, Actual (Millions)

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

Revenue adjustment represents statutory draw from the Alaska Permanent Fund Earnings Reserve Account. Expenditure adjustment represents Permanent Fund dividend payments. 

Total available revenue amounts are reported as net of refunds and special dedications/payments.

Per statute amended in 2021 Regular Session, 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, will be transferred to the Catastrophic Reserve Fund.

Total Revenues: Reflect revenues before transfers and loans to/from the General Fund. Estimated cost recoveries for Fiscal 2021 for COVID-19, wildfires, various disaster relief 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 $7,764.2 million in transfers and loans to/from the General Fund as well as $659.3 million in estimated cost recoveries for COVID-19, wildfires, and various disaster relief.

The ending balance includes the Special Fund for Economic Uncertainties (SFEU) and reserve for encumbrances but excludes the BSA (a rainy day reserve held in a separate fund), the Safety Net Reserve Fund, and the Public School System Stabilization Account (PSSSA). The excluded amounts are $14,643.4 million for the BSA and $450 million for the Safety Net Reserve Fund, and $3,302 million for the PSSSA at the end of FY 2021. Adding these amounts to the FY 2021 ending balance, the projected total balance is $56,729.6 million in FY 2021.

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. Safety Net Reserve Fund created in the 2018 Budget Act to maintain existing benefits and services for Medi-Cal and CalWORKs during economic downturns.
Public School System Stabilization Account enacted in 2014 as part of Proposition 2 to serve as a Proposition 98 Rainy Day Fund to lessen the impact of volatile state revenues on K-14 schools.

A reserve for encumbrances of $4,276.4 million, included in the ending balance, represents 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.

Revenue adjustments include transfers to the general fund. Expenditure adjustments include reversions and accounting adjustments. Source: OSPB June 2022 Forecast.

FY 2021 Rainy Day Fund balance includes a deposit of $1.24 billion due to the volatility cap and $475.9 million from the FY2021 surplus. This brought the balance of the Budget Reserve Fund to 22.8% 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. Net of all transfers, the rainy day fund balance at the end of FY 2021 was about $3,112.0 million.

FY 2021 Actual Revenue: Included in the total revenue figure of $20,531.4 million, $1,496.3 million is included as Federal Grant Revenue. Without the $1,496.3 million in Federal Grant Revenue, the total revenue collected would be $19,035.1 million. Federal Grants figures do not include any Coronavirus Relief Fund dollars or Coronavirus State and Local Fiscal Recovery Fund dollars.

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

Revenue adjustments include federal COVID-19 funds. Revenues include FEMA Reimbursements in addition to “traditional” adjustments associated with trust fund transfers, reversions, and various other actions. Total expenditures include federal Coronavirus Relief Funds.

FY 21 beginning balance reflects general fund balances as of June 30, 2020 for Revenue Shortfall Reserve, Guaranteed Revenue Debt Common Reserve Fund, and State Revenue Collections as reported on the FY 20 Combined Balance Sheet of the Budgetary Compliance Report. Adjustments to Revenues include FY20 agency surplus returned and early remittance of FY 21 surplus from state agencies. Fund balance in excess of Rainy Day Fund includes the unreserved undesignated regular surplus. 

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.

Revenue adjustments include: $356.4M for transfers out, $60.4M for prior year reversion, $120.5M CRF reimbursement, $.4M for reappropriation, and $.3M for miscellaneous. Expenditure adjustments include: $15.2 in reversions, $1.1M for PY reappropriations, and $.8M for miscellaneous.

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 (MLF) and $224M in Comptroller budgetary basis adjustments. Total expenditures include $32,071M in appropriations, $8,839M in pension contributions, $2,046M in transfers out, and $544M in interfund and investment borrowing repayment. Expenditure adjustments include -$1,314 in unspent appropriations, -$54M in Comptroller budgetary basis adjustments, $2,503M in accounts payable, $2,209M in MLF repayment and -$215M in transfers for unclaimed property.

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 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.

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. At the end of the fiscal year, any ending balance is transferred in the subsequent fiscal year to the Reserve Funds. After the Reserve Funds are filled to their statutory limit and other transfers are completed as required by statute, the remaining balance is transferred back to the General Fund. There are no federal funds included in these amounts.

$1.7 million in prior year released encumbrances shows as revenue. 

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 million in appropriation balances forwarded into the next fiscal year and budgeted balances to be expended in the next fiscal year. 

Revenue adjustments – Includes $264.5m of other obligations against cash carried over from FY20 to FY21
Expenditure adjustments – Includes 25% to Budget Stabilization Fund ($67.6M), 10% to Retirement System Unfunded Accrued Liability ($27M), and the remaining to Capital Outlay, Coastal Protection and Restoration, and highway construction projects.

Total Revenues and Expenditures reported here reflect the final enacted budget. Any variance between actual revenues received and expenditures made are effectively captured in the Adjustments columns. This approach to reporting better aligns with the public reporting available on the status of the State’s General Fund. For reference, actual General Fund revenues for SY21 were $4520.6 million and actual General Fund expenditures were $3755.1 million.

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.

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.

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. 

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.

Rainy Day Fund balance includes cash flow account of $350 million; a budget reserve of $2,406 billion; and stadium reserve of $106.7 million. Expenditure adjustment includes an appropriation carried forward amount of $111 million. Revenue Adjustments include Dedicated Revenue, Transfers-In and Prior Year Adjustments.

Adjustments to expenditures reflect statutory transfers and Reappropriations. 

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.

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.

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).

Revenue adjustments are restricted revenue, reversions, Rainy Day Fund transfers and reserve transfers. Expenditure adjustments are restricted transfers. 

Expenditure Adjustments: The makeup of this adjustment total for FY2021 includes: a negative $8.8 million standard GAAP adjustment; a negative $28.9 million FEMA future recoveries GAAP adjustment; a $142.3 million transfer to the Rainy Day Fund; a $8.1 million transfer to the Highway Fund; and a $1.2 million transfer from the Education Trust Fund.

Revenue adjustments include lapses; transfers to other funds; transfer from Surplus Revenue Fund from General fund 

Adjustments are net of reversions and transfers from other funds. Revenue adjustments include reversions. Expenditure adjustments include appropriations, expenditures and transfers out. The State of New Mexico treats certain federal funds as “general funds” throughout the legislative appropriating process, and total revenues for FY 2021 include NM’s coronavirus relief fund allocation to the 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.

Revenue Transfer (transfers from) totaled in (in millions): $26,122, 49,696, and 37,094 for 2021; 2022; and 2023, respectively.

Expenditure transfers (transfers to) totaled (in millions): $7,978, $9,813, and $8,140 for 2021; 2022; and 2023, respectively.

Revenue adjustments include carryforward plus Savings Reserve funds. Expenditure adjustments reflect transfers out to various reserve funds.

Revenue adjustments are transfers of $871.7 million from the legacy fund, $382.2 million from the strategic investment and improvements fund and $70.0 million from other special fund sources to the general fund. 

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 the 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.

The revenue adjustment is $133.9 million of negative cash flow. The expenditure adjustment of $282 million are the end-of-year surpluses deposited to the Constitutional Reserve Fund. No CSFRF funds are included in the calculations. 

Revenue adjustments include: a revenue adjustment for a statutory transfer to local governments for local property tax relief.
Expenditure adjustment includes: the required deposit into the Rainy Day Fund, as well as reversions to the General Fund for unexpended General Fund appropriations to state agencies.

Revenue adjustments include lapses ($220 million), refunds (-$1,262 million), adjustments to beginning balances ($18.8 million) and federal COVID funds ($1,651 million Enhanced FMAP and $1,553 million CRF Public Health and Safety Staff). Expenditure adjustments include federal spending ($3,204 million) and a transfer to the Rainy Day Fund ($2,621.5 million). There is a lag between the ending balance and when funds are transferred to the rainy day fund (completed in September of the next fiscal year).

Adjustments to revenues reflect a transfer of $137.2 million to the State Budget Reserve and Cash Stabilization Account (“Rainy Day Fund”) offset by a FEMA receivable of $92.6 million for reimbursement of FY 2020 expenditures along with a reappropriation total of $5.3 million from FY 2020. Adjustments to expenditures reflect a transfer of $67.0 million to the Information Technology Investment Restricted Account, a transfer of $20.0 million to the Historic Tax Credit Special Revenue Fund and a reappropriation of $8.4 million from FY 2021.

Revenue Adjustments: ($629.4) transfer to Tax Relief Trust Fund.  Expenditure Adjustments: $251.2 transfer to agencies for COVID response and other purposes.   Ending Balance: Rainy Day Funds: $440.2 General Reserve, $176.1 Capital Reserve, and $1090.8 Contingency Reserve. Reserved/Designated: $679.4 appropriations carryforward to FY22, and $1,228.6 designated for FY22 nonrecurring appropriations. 

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 funds. Adjustments to revenue of $46.8 million is from one-time receipts. The ending balance of $85.9 million is cash that is obligated to reserves the following fiscal year. This $85.9 million is not included in the total rainy day funds balance of $215.9 million.

Adjustments (Revenues): $54M transfer from debt service fund unexpended appropriations, -$250M transfer to Rainy Day Fund, -$6.3M transfer to Highway Fund, -$229.8 transfer to dedicated revenue reserves, $13.2M balancing estimate.
Adjustments (Expenditures): $72.8M transfer to Capital Outlay Projects Fund, $13.1M transfer to State Office Buildings and Support Facilities Fund, $3.7M transfer to Debt Service Fund, $1.0M transfer to reserves for dedicated revenue appropriations, $896.9M transfer to reserves for unexpended appropriations, $4.5M transfer to systems development fund.

Revenue adjustment of -319.0 from GR dedicated account balances. Expenditure adjustment of $2,910 is reserved for transfer (50/50) to the Rainy Day Fund and State Highway Fund. Data as of Comptroller’s Revised Certification Revenue Estimate (CRF) from July 14, 2022: Tables A-1, A-2, A-8.

FY 2021 revenue adjustments include transfers to the General Fund and Income Tax 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. Expenditure adjustments include $247 million of surplus revenue collections that were automatically transferred to rainy day funds and other funds at the end of FY 2021 based on statutory formulas.

Total revenues include transfers. 

Revenue adjustments reflect the net of transfers in and out of the General Fund, as well as prior biennium recoveries and similar resource adjustments 

Fiscal Year 2021 Beginning balance includes $361.1 million of Reappropriations, Unappropriated Surplus Balance of $84.052 million, $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 billion. 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 $14.3 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. 

Revenue adjustments include Tribal Gaming, $0.1;  Prior Year Designated Balance, $600.9; and Other Revenue, $585.41.  Expenditure adjustments include Transfers, $1,011.5; Lapses, -$1,264.7; and Compensation Reserves, $87.7.    

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