Fiscal 2023 State General Fund, Enacted (Millions)

Revenue adjustment includes statutory draw from the Alaska Permanent Fund Earnings Reserve Account ($3,361m) and carryforward and other adjustments ($1,680.3m). 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 revenue figure is net of several one-time revenue changes, including a $2,287 million diversion of Transaction Privilege Tax (TPT) revenues to various non-General Fund agency funds.

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 2023 for COVID-19 and wildfires are included as “revenue adjustments”.

Revenue adjustments include $3,343.3 million in transfers and loans to/from the General Fund as well as $6,684.1 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 $23,288.4 million for the BSA, $900 million for the Safety Net Reserve Fund, and $9,514.4 million for the PSSSA at the end of FY 2023. Adding these amounts to the FY 2023 ending balance, the projected total balance is $41,493.5 million in FY 2023.

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 $2,2022.8 million for TABOR refunds. Source: OSPB June 2022 Forecast.

FY 2023 enacted budget assumes a surplus of $299.0 million at the end of the fiscal year of which $279.9 million is due to the revenue cap and $19.1 million is due to balance. The revenue cap limits the amount of appropriations that can be made based on a certain percentage of revenue: 99.5% in FY 2020, 99.25% in FY 2021, 99.0% in FY 2022, 98.75% in FY 2023 phasing down to 98.0% by FY 2026. The FY 2023 enacted budget also assumes a $1,847.5 million volatility cap transfer to the Rainy Day Fund at the end of the fiscal year. This would equate to a total deposit to the Rainy Day Fund of $2,146.5 million. Because the Rainy Day Fund is already at its 15% threshold, it is expected that a significant amount, if not all of the surplus and volatility cap transfer, will again be transferred out of the Rainy Day Fund to reduce the unfunded liabilities of SERS/TRS. The Rainy Day Fund balance at the end of FY 2023 is expected to be about $3,313.4 million which equates to 15% of current year appropriations.

FY 2023 Enacted Revenue: Included in the total revenue figure of $22,388.2 million, $2,059.0 million is included as Federal Grant Revenue. Without the Federal Grant Revenue, the total revenue would be $20,329.2 million. Federal Grants figures ($2059.0 million) do not include any Coronavirus Relief Fund dollars or Coronavirus State and Local Fiscal Recovery Fund dollars.

FY 2023 General Fund balance also includes $402.6 million in the Budget Stabilization Fund.

Revenues include FEMA Reimbursements in addition to “traditional” adjustments associated with trust fund transfers, reversions, and various other actions. Adjusted expenditures include federal COVID-19 (Coronavirus State Fiscal Recovery Fund) expenditures.

Georgia is required by its constitution to maintain a balanced report. The fund balances for FY 23 reflects the enacted balanced budget and estimated revenues. Georgia does not project future Rainy Day fund balances; however, the current balance is the maximum legal limit and Georgia does not anticipate any utilization of the Rainy Day Fund beyond the statutorily mandated 1% mid-term adjustment for K-12 enrollment growth. Fund balance in excess of Rainy Day Fund includes the unreserved undesignated regular surplus.

Adjustment in FY 2023 includes less 338.4 million statutorily required tax refund to Hawai‘i State taxpayers, and plus $100 million FEMA reimbursement for health cost bridge loan.

Figures are after legislative action during 2022 legislative session, as prepared by Legislative Services Offices as of sine die. Revenue adjustments include: $627.9M for transfers out.

Total revenues include $40,416M in state sources, $4,000M in federal, $2,013M in transfers in. Total expenditures include $35,214M in appropriations, $9,632M in pension contributions, $1,967M in transfers out. Expenditure adjustments include -$1,145M in unspent appropriations, $1,034M in accounts payable, $409M budget stabilization fund contribution, $200M pension stabilization fund contribution, $50M for property tax rebates, and $75M for grocery tax replacement to local units of government.

Revenue estimates are based on April 15, 2021 Revenue Forecast (forecast used to finalize FY22/23 biennial budget) and do not take into consideration changes during the 2022 legislative session. An updated forecast was presented in December 2021 and a new forecast will be published in December 2022.
Expenditure adjustments include an estimated $22.0 million in unspent prior year reversions and a statutorily directed excess reserves transfer estimated at enactment at $309.6 million to Teachers Retirement Fund pensions.

Total Revenues are as estimated at the March 2022 REC, also included in revenue adjustments is -$258.0 million in tax law changes and $191.8 million of residual funds transferred to the General Fund after the Reserve Funds are filled to their statutory maximum amounts.   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. 

Revenue includes $108.4 million in Tobacco Settlement Funds. Revenue adjustments include $1,622.6 million that represents appropriation balances carried forward from the prior fiscal year, and $3.5 million from fund transfers into the General Fund. Expenditure adjustments include $1,870.6 million in appropriation balances forwarded into the next fiscal year and budgeted balances to be expended in the next fiscal year.

Expenditure Adjustments – include deposits into various Funds: Jean Boudreaux Settlement Compromise Fund ($40M); Hurricane Ida Recovery Fund ($33M); Construction Subfund of the Transportation Trust Fund ($42.5M); LA Tourism Revival Fund ($15M); Megaprojects Leverage Fund ($50M).

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 and lapses of unspent balances from prior years. Transfers In included $56 million in available balances in the liquor sales account and $1 million in available balances from the medical marijuana account. Transfers Out included $9.3 million to support indigent legal services, about $97.6 million for a property tax relief program that historically had been a budgeted GF expense, about $3 million to fund changes to the property tax exemption program and $15 million to support payments to medical providers. Additionally, there was approximately $40.8 million in transfers of FY23 GF unappropriated revenue to Other Special Revenue accounts in agencies for a variety of one-time purposes.

Revenue adjustments include a total of $1.1 billion in reduced revenue resulting from legislation (including an $800 million transfer to the Blueprint for Maryland’s Future (K-12 education) special fund and $291.2 million to reduce income tax for retirees); a $1.2 billion transfer from the Rainy Day Fund; and $41.6 million in transfers from tax credit reserves. The expenditure adjustment includes $45 million in estimated agency reversions.

The FY 2023 Enacted starting balance does not match the FY 2022 Actual ending balance because the FY 2023 Enacted budget did not incorporate updated revenue and expenditure figures from FY 2022. The budget bill is enacted without the Governor’s signature in accordance with Article III, Section 52(6) of the Maryland Constitution.

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. Fiscal 2023 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, and excess state tax revenue of $2.941 to be applied by the Department of Revenue in fiscal 2023 pursuant to Chapter 62F, which was credited as operating revenue in fiscal 2022. FY23 expenditures include $731 million in projected CSLFRF-associated expenditures as well as $1.042 billion in transitional escrow fund expenditures funded by FY22 revenues. FY23 expenditures also reflect the outflow of $2.941 billion pursuant to Chapter 62F Taxpayer Refunds, which was credited as operating revenue in FY22. 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 governments and balance sheet adjustments.

Rainy Day Fund balance includes cash flow account of $350 million; a budget reserve of $2,656 billion; and stadium reserve of $326.7 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.  

General fund transfer to reserves (budget stabilization, capital development, and fire suppression fund) are included in the total expenditures. 

Revenue adjustments include transfers of $310 million to the Property Tax Credit Fund, $1 million to the Cultural Preservation Fund, $3.3 million to Water Resources Fund, $11 million to Water Sustainability Fund, $5 million to the Site and Building Development Fund, $5 million to the ImagiNE Revolving Loan Fund, $1 million to the State Teammate Community College Fund, $100 million to the Water Recreation Enhancement Fund, $20 million to the Jobs and Economic Development Fund, $5 million to the Governor’s Emergency Fund, and $40.7 million to the Capital Construction Fund. Expenditure adjustments include carryover obligations of $557.1 million.

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 FY2023 includes:2022 Legislative Session bills with FY2022 appropriations moved to FY2023 of $105.7 million; FY 2022 Legislative Session bills with FY2023 appropriations of $132.2 million; and a $39.1 million transfer to the Rainy Day Fund. 

Revenue adjustments include transfer to other funds.

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

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 is projected to increase by $3.1 billion after a deposit from the General Fund. Funds are expected to be transferred 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.

Revenue and Expenditures adjustments reflect the expected receipt & disbursement of $2.35 billion in unrestricted Federal aid in FY 2023. 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 decrease in fund balance: As described in the FY 2022 footnotes, beginning in FY 2022, the PTET program began affecting reported General Fund tax collections. In FY 2022, the State collected $16.4 billion in PTET payments through business tax receipts. In FY 2023, it expects to collect another $15 billion from PTET and pay $25 billion in PIT refunds connected with the program. The General Fund reserved the entire amount of PTET collections received in FY 2022 and will use $10 billion of that balance to cover the difference between PTET collections and related PIT refunds in FY 2023. The timing between the initial PTET collections and subsequent refunds will be managed in a similar manner in each year of the Financial Plan. The PTET program is expected to have no net impact on operations over its life but will distort the annual change for business and PIT receipts. The reserve established for PTET collected in FY 2022 offsets the decrease in PIT receipts expected in FY 2023, as such, the net $10 billion tax receipts reduction is treated as a revenue adjustment. The remaining decrease mainly reflects the planned uses of the reserve for pandemic assistance ($2 billion), amounts from FY 2022 related to consensus revenue forecast and the timing of payments/reimbursements ($1.9 billion), and nearly $300 million from the reserved Extraordinary Monetary Settlements to fund planned expenses. The use of these available funds is partly offset by planned deposits totaling $5 billion to the State’s principal reserves, $855 million added to the debt management reserve, and $600 million reserved for labor settlements and agency operations.

Explanation of Revenue Increase: General Fund receipts, as adjusted, are estimated to total $96 billion in FY 2023, an increase of $4.2 billion (4.5 percent) from FY 2022. The increase reflects projected growth in tax receipts and the actual and planned prepayments of debt service due in future years. These transactions reduce reported tax receipts in the fiscal year in which the payments are made and increase tax receipts in the fiscal years in which the debt service was originally scheduled to be paid.

Explanation of Expenditure Increase: General Fund disbursements, as adjusted, are expected to total $93.8 billion in FY 2023, an increase of $9.3 billion (11.1 percent) from FY 2022 spending. The growth in spending is attributable to initiatives and investments in nearly all major programs, including health care, School Aid, mental hygiene, social services, one-time bonus payments to health care/direct care workers, recovery assistance to individuals and small businesses, and the expected expiration of the eFMAP that temporarily lowers State spending and increases the Federal share of Medicaid costs and several transactions that were executed in FY 2022 that temporarily lower spending. These transactions include funding $2.2 billion of certain eligible health and public safety payroll costs, including fringe benefits, from the CRF and the payment of prior year salary increases.

Revenue adjustments include carryforward plus Opioid settlement funds plus unspent Public School Contingency funds. Expenditure adjustments include all transfers out to reserves plus expenditures out of general fund reserves.

Difference between ending FY2022 and enacted beginning FY2023 due to higher overcollections than anticipated in budget bill.

Revenue adjustments are transfers of $205.0 million from the strategic investment and improvements fund and $140.0 million from other special fund sources to the general fund.

Revenue figure is as of 8/1/2022 projections. The negative revenue adjustment reflects the projected difference between federal revenues and federal expenditures in the general fund for the fiscal year. This change is needed to tie to the projected ending fund balance. The expenditure adjustment reflects the amount that is expected to be encumbered by the end of Fiscal Year 2023. 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 expenditure adjustment was an appropriation of surplus funds that were in excess of the deposit allowed 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 cost of Tax Anticipation Notes, as well as the required deposit into the Rainy Day Fund.

Revenue adjustments include lapses ($140 million), refunds (-$1,220 million), federal COVID funds ($1,255 million enhanced FMAP) and certain tax code changes. Expenditure adjustments include federal COVID funds ($1,255 million enhanced FMAP). There is a lag between the ending balance and when funds are transferred to the rainy day fund.

Adjustments to revenues reflect $278.9 in estimated FEMA receivables that was disallowed in FY 2022 and instead recognized as a general revenue expenditure. Rhode Island expects to recognize corresponding FEMA revenue in FY 2023 to offset the general revenue expense. There is also a transfer of $147.4 million to the State Budget Reserve and Cash Stabilization Account (“Rainy Day Fund”).

Revenue Adjustments: ($661.9) transfer to Tax Relief Trust Fund, $53.8 transfer from Litigation Recovery, and $525.0 transfer from Savannah River Site settlement. Expenditure Adjustments: $183.6 FY22 Capital Reserve transfer to agencies, $1,000.0 transfer to individual income tax rebate fund. Ending Balance: Rainy Day Funds: $575.2 General Reserve, $209.2 Capital Reserve, and $1,365.5 Contingency Reserve. Reserved/Designated: $1,434.4 projected carryforward appropriations to FY24.

The beginning balance of $115.5 million and adjustment to expenditures reflects the prior year’s ending balance which is transferred to the rainy day fund.

Adjustments (Revenues): -$250M transfer to Rainy Day Fund, -$300M transfer to OPEB, -$350M transfer to Retirement System Trust Fund, -$0.03M rounding adjustment.
Adjustments (Expenditures): $3,125.9M transfer to Capital Outlay Projects Fund, $12.3M transfer to State Office Buildings and Support Facilities Fund, $3.4M to Debt Service Fund, $1.0M transfer to reserves for dedicated revenue appropriations.

Revenue adjustment of -137.8 from GR dedicated account balances. Expenditure adjustment of $7,604.6 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 2023 revenue adjustments include transfers to the General Fund and Income Tax Fund and the amount set aside for economic development cash incentives. FY 2023 beginning balances were based on the FY 2022 revenue projections of $10.1 billion at the time that the FY 2023 budget was enacted. Actual FY 2022 and anticipated FY 2023 balances are anticipated to increase due to higher than projected FY 2022 revenue.

Data reflects GF operating statement following passage of FY23 budget–FY22-FY23 carryforward amounts not established.

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.

FY 2023 enacted budget has a remaining unappropriated balance of $322,611 available for supplemental appropriation. Surplus items that were added are included for an addition of $943.4m.

Revenue adjustments include Tribal Gaming, $21.7; Prior Year Designated Balance, $0; and Other Revenue, $486.2. Expenditure adjustments include Transfers, $685.1; Lapses, -$553.0; and Compensation Reserves, $106.

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