The Foundation's newly released analysis of the $23.1 billion state budget notes the great strides that the Commonwealth has made in closing a potential shortfall of $2.5 billion, but also underscores the failure to eliminate fully the structural gap in state's finances. Even with a rebound in the state economy, the state is facing a $1 to $2 billion shortfall in 2005, due the reliance on $400 million of one-time resources in 2004, the continued rapid growth in health care costs, and the need to address other major obligations.
August 01, 2003
FY Pre-2008
2004 Budget: Major Strides, But More Pain Ahead
The Foundation's newly released analysis of the $23.1 billion state budget notes the great strides that the Commonwealth has made in closing a potential shortfall of $2.5 billion, but also underscores the failure to eliminate fully the structural gap in state's finances. Even with a rebound in the state economy, the state is facing a $1 to $2 billion shortfall in 2005, due the reliance on $400 million of one-time resources in 2004, the continued rapid growth in health care costs, and the need to address other major obligations.
