Fiscal 2022 General Fund, Preliminary Actual

Expenditure adjustments include transferring $117.7 million from the ETF to the ETF Budget Stabilization Fund, transferring $750.4 million from the ETF to the ETF Advancement and Technology Fund, and transferring $72.7 million from the GF to the GF Budget Reserve Fund.

Revenue adjustment includes statutory draw from the Alaska Permanent Fund Earnings Reserve Account ($3,069m) and carryforward and other adjustments ($938m). Expenditure adjustment represents Permanent Fund dividend payments. Revenue forecast as of Spring 2022. Expenditure amount and rainy day fund balance based on February 2022 Amended Budget.

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 will be transferred to the State Highway and Transportation Department Fund, and 75% of the first $200M ($150M) will be transferred to the General Revenue Allotment Reserve Fund. The remaining balance will be transferred to the Catastrophic Reserve Fund if the Catastrophic Reserve Fund balance does not equal or exceed 20% of the total amount of general revenue last distributed. If there is a balance after determining the Catastrophic Reserve Fund equals or exceeds 20% of the total amount of general revenue last distributed or transferring a portion of the remaining balance to ensure the Catastrophic Reserve Fund equals 20% of the total amount of general revenue last distributed, the remaining balance will be transferred to the General Revenue Allotment Reserve Fund.

Total Revenues: Reflect revenues before transfers and loans to/from the General Fund. Estimated cost recoveries for Fiscal 2022 for COVID-19 and wildfires are included as “revenue adjustments”.

Revenue adjustments include $4,179 million in transfers and loans to/from the General Fund as well as $1,107.1 million in estimated cost recoveries for COVID-19 and wildfires.

The ending balance includes the SFEU and reserve for encumbrances, but excludes the BSA, the Safety Net Reserve Fund, and the Public School System Stabilization Account (PSSSA). The excluded amounts are $20,320.4 million for the BSA, $900 million for the Safety Net Reserve Fund, and $7,290.3 million for the PSSSA at the end of FY 2022. Adding these amounts to the FY 2022 ending balance, the projected total balance is $50,961.1 million in FY 2022.

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. 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. Figures as of June 21, 2022 forecast. Total expenditures include $3,353.4 million for TABOR refunds. Source: OSPB June 2022 Forecast.

FY 2022 is estimated to deposit $4,368.2 million into the Rainy Day Fund of which $1,324.1 is due to the surplus and $3,044.1 is due to the volatility cap transfer. This would bring the Rainy Day Fund balance to 33.9% 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 the fund being above the 15% cap, $903.6 million is expected to be transferred from the Rainy Day Fund to reduce the liabilities of the TRS Pension Funds and $3,263.3 million is expected to be deposited to reduce the SERS liabilities. $201.3 million is expected to remain in the Rainy Day Fund to keep the balance at the 15% threshold. Net of all transfers, it is estimated that the Rainy Day Fund Balance at the end of FY 2022 will be about $3,313.4 million.

FY 2022 Preliminary Actual: Included in the total revenue figure of $21,995.8 million, $1,936.0 million is included as Federal Grant Revenue. Without the Federal Grant, the total revenue collected would be $20,059.8 million. Federal Grants figures do not include any Coronavirus Relief Fund dollars or Coronavirus State and Local Fiscal Recovery Fund dollars.

FY 2022 General Fund balance also includes $287.3 million in the Budget Stabilization Fund.

Revenue adjustments include federal COVID-19 (American Rescue Plan Act) funds. Revenues include FEMA Reimbursements in addition to “traditional” adjustments associated with trust fund transfers, reversions, and various other actions. Expenditure adjustments include federal COVID-19 funds (ARP State Fiscal Recovery Fund appropriations, ARP 2021 Homeowner Assistance Fund, ARP Local Fiscal Recovery Fund passthrough to eligible local NEUs, and ARP Emergency Rental Assistance).

Adjustments to revenue includes FY 21 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 2022. Fund balance in excess of Rainy Day Fund includes the unreserved undesignated regular surplus.

Adjustment in FY 2022 includes a $89 thousand transfer from non-general funds pursuant to Act 87, SLH 2021.

Figures are after legislative action during 2022 legislative session, as prepared by Legislative Services Offices as of sine die. Revenue adjustments include: $1,065.9M for transfers out, $69.2M for prior year reversion, $1.6M for reappropriation. Total expenditures include supplementals/rescissions. Expenditure adjustments include $1.6M reappropriations. 

Total revenues include $43,658M in state sources, $4,583M in federal, $2,092M in transfers in. Total expenditures include $34,086M in appropriations, $9,363M in pension contributions, $1,952M in transfers out. Expenditure adjustments include -$870 in unspent appropriations $300M pension stabilization fund contribution, $470M for property tax rebates, $325M for grocery tax replacement to local units of government, $685M income tax rebates to individuals, $1,213M in accounts payable, $1,052M in MLF repayment, $933M in interfund borrowing repayment.

Expenditure adjustments include $42.8 million in unspent prior year reversions, a $1,090.8 million excess reserves transfer that is split evenly between Teachers Retirement Fund pensions and an Automatic Taxpayer Refund, and a transfer of surplus K-12 funding to the Tuition Support Reserve Account (this account is included in the Rainy Day Fund balances). 

Total Revenues are as actual, also included in revenue adjustments is $233.6 million of residual funds transferred to the General Fund after the Reserve Funds are filled to their statutory maximum amounts. Total Expenditures include $0.1 million of supplemental appropriations and an adjustment of $18.0 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.

$20.0 million in prior year released encumbrances shows as revenue.

Revenue includes $129.6 million in Tobacco Settlement Funds. Revenue adjustments include $715.7 million that represents appropriation balances carried forward from the prior fiscal year, and $87.8 million from fund transfers into the General Fund. Expenditure adjustments include $2,116.9 million in appropriation balances forwarded into the next fiscal year and budgeted balances to be expended in the next fiscal year.

Revenue adjustments – Includes $183.6m of carryforwards.
Expenditure adjustments – Of the $699.2M Surplus – 25% ($174.8M) would transfer to Budget Stabilization Fund and 10% ($69.9M) to the Retirement System Unfunded Accrued Liability (UAL). The remaining amount is appropriated to: Capital Outlay, Coastal Protection and Restoration, and new highway construction projects.

Totals here reflect all enacted appropriations and projected revenue associated with legislative actions taken through the end of the Second Regular Session of the 130th Legislature.
Revenue and Expenditure adjustments reflect legislatively authorized transfers, lapses of unspent balances from prior years and year-end closing adjustments. Transfers In included $20 million in available balances in the liquor sales account and there was $116 million in lapsed balances from several Health and Human Services accounts. Transfers Out included $10 million to support student aid, about $9 million to support indigent legal services and about $97 million for a property tax relief program that historically had been a budgeted GF expense. Additionally, there was approximately $892 million in transfers of FY22 unappropriated revenue to Other Special Revenue accounts in agencies for a variety of one-time purposes. FY22 actual revenues exceeded budget as well so year-end statutorily required transfers included about $135 million to Highway and Bridge Capital and Reserve accounts, $2.5 million to the Reserve for Operating Capital, $15 million to a newly created Education Stabilization Fund and nearly $402 million to the Budget Stabilization Fund.

Revenue adjustments include a $500.2 million transfer to the Rainy Day Fund and $370.0 million transfer to the Fiscal Responsibility Fund (triggered by revenue overattainment), and $20.4 million in transfers from tax credit reserves. Expenditure adjustments include $268.2 million in agency reversions.

Data as of 9/13/22. 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. Large increase in fiscal 2022 expenditures reflect the carryforward from fiscal 2021 of $4.9 billion from the CSFRF and $1.5 billion in the Transitional Escrow Fund from a fiscal 2021 tax surplus, which were credited as operating revenue in fiscal 2021 and 2022. FY22 expenditures specifically include $1.279 billion funded by CSLFRF and $418 million in transitional escrow fund expenditures funded by FY21 revenues. Expenditures of these funds are affordable from these sources, but they are not matched with operating revenue in each year.

Revenue totals are net of payments to local government and balance sheet adjustments.
Adjustment (Expenditures): Total deposit of $180 to the Budget Stabilization/Rainy Day Fund.

Rainy Day Fund balance includes cash flow account of $350 million; a budget reserve of $2,656 billion; and stadium reserve of $212.6 million. Revenue Adjustments include Dedicated Revenue, Transfers-In and Prior Year Adjustments.

Adjustments to expenditures reflect statutory transfers and Reappropriations. Fiscal 2022 total revenues represent preliminary revenue data at period beginning 4/31/22.

Revenue adjustments include transfers from other funds into the General Revenue 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. Additionally, general fund transfer to reserves (budget stabilization, capital development, and fire suppression fund) are included in the total expenditures.

Revenue Adjustments include $339.6 million in re-appropriations, a transfer of $535.3 million to the Cash Reserve Fund from FY 2020-21 General Fund tax receipts exceeding the certified forecast, an additional $50 million transfer to the Cash Reserve Fund, and $660,000 related to legislative bills. The following General Fund transfers are also included: $297 million to the Property Tax Credit Fund, $100 million to the Nebraska Capital Construction Fund, $11 million to the Water Sustainability Fund, $15 million to the Shovel-Ready Capital Projects Fund, $15 million to the Prison Overcrowding Contingency Fund, $5 million to the ImagiNE Revolving Loan Fund, and $12.8 million in transfers to other cash funds. Expenditure Adjustments reflect the net mid-biennium budget recommendations of $8.1 million.

Revenue adjustments are restricted revenue, reversions, Rainy Day Fund transfers in and reserve transfers in. Expenditure adjustments are restricted transfers out. FY22 is preliminary as Nevada is in the processing of closing out and reconciling the general fund.

Expenditure Adjustments: The makeup of this adjustment total for FY2022 includes: a negative $15.4 million standard GAAP adjustment; a negative $62.9 million FEMA future recoveries GAAP adjustment; a $2.1 million transfer to the Rainy Day Fund; a $50 million transfer to the Highway Fund; and a $0.1 million transfer to the Fish & Game Fund.

Revenue adjustments include transfers to other funds and estimated funds and other lapses, and transfer from Surplus Revenue Fund to General Fund. Total expenditures in FY 2022 include a $5.15b general fund transfer made to the State’s Debt Defeasance and Prevention Fund.

Adjustments are net of reversions and transfers from other funds. Revenue adjustments include reversions. Expenditure adjustments include appropriations, expenditures and The State of New Mexico treats certain federal funds as “general funds” throughout the legislative appropriating process, and total revenues for FY 2022 include American Rescue Plan Act funds to replace lost public sector revenue. There is a discrepancy in the survey’s calculation of ending balances versus the entered Rainy Day Fund balance. This is due to ARPA funds not all being spent in FY22. Some ARPA funds are appropriated in FY23.

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.
The Rainy Day Reserve increased by $843 million after a deposit from the General Fund 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.
Revenue and Expenditures adjustments reflect the receipt & disbursement of $4.5 billion in unrestricted Federal aid in FY 2022. While this funding is treated in the state budget as a general fund resource, it is displayed as an adjustment to be consistent with survey guidelines requesting federal funds be excluded from revenue and expenditure figures where possible.
Explanation of large increase in fund balance: As part of the State’s continuing response to Federal tax law changes, legislation was enacted in FY 2022 to allow an optional Pass-Through Entity Tax (PTET) on the New York-sourced income of partnerships and S corporations. Qualifying entities that elect to pay PTET will pay a tax of up to 10.9 percent on their taxable income at the partnership or corporation level, and their individual partners, members and shareholders will receive a refundable Personal Income Tax (PIT) credit equal to the proportionate or pro rata share of taxes paid by the electing entity. In December 2021, entities began making PTET payments that were recorded as business taxes which totaled $16.4 billion in FY 2022. DOB expects the accompanying tax credits will impact PIT receipts beginning in April 2022, which would decrease PIT collections. DOB expects that the PTET will be revenue neutral for the State. However, because PTET payments will generally be received in the fiscal year prior to credit claiming, the PTET will not be revenue-neutral within each fiscal year. Therefore, a reserve has been established for PTET collected in FY 2022 for purposes of offsetting the decrease in PIT receipts expected in FY 2023, as such the $16.4 billion of PTET receipts is treated as a revenue adjustment. The remaining increase mainly reflects $5 billion in deposits to the State’s principal reserves (Rainy Day Reserves and Reserve for Economic Uncertainties), $2 billion to fund future pandemic relief initiatives, and $275 million set aside for labor settlements and operational needs.
Explanation of Revenue Increase: General Fund receipts, as adjusted, are estimated to total $91.9 billion in FY 2022, an increase of $17.6 billion (23.6 percent) from FY 2021. The increase reflects an improved revenue outlook and new revenue from the high-income PIT surcharge and business tax increases enacted in FY 2022.
Explanation of Expenditure Increase: General Fund disbursements, as adjusted, are expected to total $84.4 billion in FY 2022, an increase of $10.3 billion (13.9 percent) from FY 2021 spending. FY 2022 spending includes nearly $3 billion for time limited recovery initiatives, a substantial School Aid increase, Medicaid growth of roughly 35 percent, and the purchase of COVID test kits ($900 million). In addition, several transactions that were executed in FY 2021 lowered reported spending in that year. These included funding $2.7 billion of certain eligible health and public safety payroll costs from the CRF; temporary payment withholds that were authorized for release in FY 2021 but not paid until FY 2022; higher State share Medicaid savings from retroactive eFMAP processing; and the deferral of social security taxes from FY 2021 to FY 2022, as provided in the CARES Act.

Revenue adjustments include carryforward plus Public School contingency reserve funds plus Opioid settlement funds. Expenditure adjustments include transfers to various reserve funds.

Revenue adjustments are transfers of $205.0 million from the strategic investment and improvements fund.  Expenditure adjustment is for a contingent appropriation that was met for a loan repayment. 

The 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 $217.2 million of negative cash flow. The expenditure adjustment of $575.7 million is the end-of-year surplus deposited to the Constitutional Reserve Fund, which met the fund’s Constitutional balance maximum. 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.

Revenue adjustments include lapses ($270 million), refunds (-$1,420 million), adjustments to beginning balances ($4.5 million) and federal COVID funds ($2,464 million Enhanced FMAP and $3,841 million COVID SLFRF deposited in general fund as revenue replacement). Expenditure adjustments include federal COVID funds ($2,464 million enhanced FMAP), supplemental appropriations enacted with the 2022-23 budget ($758.2 million) and a transfer to the Rainy Day Fund ($2,100 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 $155.3 million for a FEMA receivable that was disallowed in FY 2021 and instead recognized as a general revenue expenditure. Rhode Island recognizes corresponding FEMA revenue in FY 2022 to offset the general revenue expense along with a reappropriation total of $8.5 million from FY 2021. There was also a transfer of $167.5 million to the Budget Reserve Fund (“Rainy Day Fund”), a transfer of $75.0 million to the Information Technology Investment Restricted Account, a transfer of $6.0 million to the Pay for Success Restricted Account, and a transfer of $25.0 million to the Housing Production Restricted Account in FY 2022.

Revenue Adjustments: ($650.0) transfer to Tax Relief Trust Fund, $20.5 transfer from Litigation Recovery, and $65.0 CARES Act reimbursements. Expenditure Adjustments: $176.1 FY21 Capital Reserve transfer to agencies, $67.1 transfer to local tax relief trust fund. Ending Balance: Rainy Day Funds: $458.9 General Reserve, $183.6 Capital Reserve, and $1,204.8 Contingency Reserve. Reserved/Designated: $1,434.4 appropriations carryforward to FY23, and $3,584.2 designated for FY23 nonrecurring appropriations.

The adjustment to expenditures of $91.2 million reflects the prior year’s ending balance of $85.9 million along with an additional $5.3 million that was transferred to the rainy day funds. Adjustments to revenue of $12.9 million is from one-time receipts. The ending balance of $115.5 million is cash that is obligated to reserves the following fiscal year. This $115.5 million is not included in the total rainy day funds balance of $307.1 million.

Adjustments (Revenues): -$100M transfer to Rainy Day Fund, -$250M transfer to K-12 Mental Health Trust Fund, -$250M to Retirement System Trust Fund, -$0.3M rounding adjustment.
Adjustments (Expenditures): $1,578.5M transfer to Capital Outlay Projects Fund, $12.3M 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.
Revenue figures as of February 2022 Budget Document.

Revenue adjustment of -137.8 from GR dedicated account balances. Expenditure adjustment of $7,167.8 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 2022 revenue adjustments include transfers to the General Fund and Income Tax Fund, including $333 million of ARPA revenue replacement funds, and the amount set aside for economic development cash incentives. At the end of the 2022 General Session, FY 2022 revenue estimates were revised to $10.1 billion. The $11.5 billion FY 2022 preliminary actual revenue represent pre-closeout revenue when this survey was prepared.

$103.6 million GF carried forward from FY21.

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 2022 Beginning balance includes $604.0 million of Reappropriations, Unappropriated Surplus Balance of $74.849 million, $260,245 of cash balance adjustments, and FY 2021 13th month expenditures of $44.1 million. Total Revenues show the FY 2022 actual general revenue collections of $5,887.9 billion. Adjustments (Revenue) are prior year redeposits of $0.072 million and special revenue expirations of $182.1 million. Total Expenditures include general revenue appropriated expenditures of $4,298.6 billion, surplus appropriation expenditures of $11.2 million, reappropriation expenditures of $392.5 million, $-239,562 of cash adjustments, $44.1 million of reappropriations transferred to FY 2022 collections, and $28.5 million of 31 day prior year expenditures. Adjustment (Expenditures) represent $15.4 million which was the amount transferred to the Rainy Day Fund from 1/2 of the FY 2021 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.

Revenue adjustments include Tribal Gaming, $0; Prior Year Designated Balance, $62.8; and Other Revenue, $569.7. Expenditure adjustments include Transfers, $428.5; Lapses, -$360.4; and Compensation Reserves, $18.2.

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