The Legislature's $23.1 billion budget for fiscal 2004 goes a long way toward closing an estimated $2.5 billion structural deficit, while taking meaningful steps toward governmental reform. However, the budget's reliance on $400 million of one-time revenues will make the job of balancing the state's finances in 2005 -- with fixed costs expected to increase by $1.5 billion and uncertain prospects for revenue growth -- even more challenging.
June 01, 2003
FY Pre-2008
2004 Conference Budget Challenge: Minimizing the Structural Gap, Adopting Important Reforms
The Legislature's $23.1 billion budget for fiscal 2004 goes a long way toward closing an estimated $2.5 billion structural deficit, while taking meaningful steps toward governmental reform. However, the budget's reliance on $400 million of one-time revenues will make the job of balancing the state's finances in 2005 -- with fixed costs expected to increase by $1.5 billion and uncertain prospects for revenue growth -- even more challenging.
