2009-10 Financial Plan Mid-Year Update – Executive Summary
Financial Plan At a Glance
| 2009-10 | |||||
|---|---|---|---|---|---|
| 2008-09 Actual |
First Quarterly Update |
Change | Mid-Year Update 1 |
2010-11 Current Services |
|
| State Operating Funds Budget | |||||
| Size of Budget (Excluding MTA) 2 | N/AP | $78,848 | ($501) | $78,347 | N/AP |
| Annual Growth | 0.9% | -0.7% | 0.2% | ||
| Size of Budget (Including MTA) | $78,168 | $80,471 | ($501) | $79,970 | $85,861 |
| Annual Growth | 1.5% | 2.9% | -0.6% | 2.3% | 7.4% |
| Other Budget Measures (Annual Growth) | |||||
| General Fund (With transfers) | $54,607 | $55,059 | ($449) | $54,610 | $60,296 |
| 2.3% | 0.8% | -0.8% | 0.0% | 10.4% | |
| State Funds (Includes Capital) | $83,146 | $86,009 | ($504) | $85,505 | $92,257 |
| 2.2% | 3.4% | -0.6% | 2.8% | 7.9% | |
| Capital Budget (State and Federal Funds) | $6,830 | $8,455 | ($402) | $8,053 | $8,990 |
| 11.4% | 23.8% | -5.9% | 17.9% | 11.6% | |
| Federal Operating | $36,573 | $44,543 | $619 | $45,162 | $46,039 |
| 11.1% | 21.8% | 1.7% | 23.5% | 1.9% | |
| All Governmental Funds | $121,571 | $133,469 | ($284) | $133,185 | $140,890 |
| 4.8% | 9.8% | -0.2% | 9.6% | 5.8% | |
| All Govt’l Funds (Including “Off-Budget” Capital) | $123,833 | $135,313 | ($37) | $135,276 | $142,833 |
| 5.2% | 9.3% | -0.1% | 9.2% | 5.6% | |
| Inflation (CPI) Growth | 2.7% | -0.2% | 0.2% | 0.0% | 1.8% |
| All Funds Receipts (Annual Growth) | |||||
| Taxes (Including MTA) | $60,337 | $60,556 | ($1,173) | $59,383 | $63,346 |
| -0.9% | 0.4% | -2.0% | -1.6% | 6.7% | |
| Miscellaneous Receipts | $20,064 | $21,435 | ($50) | $21,385 | $21,366 |
| 2.1% | 6.8% | -0.2% | 6.6% | -0.1% | |
| Federal Grants | $38,834 | $47,799 | $288 | $48,087 | $48,887 |
| 11.2% | 23.1% | 0.7% | 23.8% | 1.7% | |
| Total Receipts | $119,235 | $129,790 | ($935) | $128,855 | $133,599 |
| 3.3% | 8.9% | -0.8% | 8.1% | 3.7% | |
| Base Tax Growth/(Decline) 3 | -3.0% | -9.6% | -1.4% | -11.0% | 5.5% |
| Combined General Fund/HCRA Gap Forecast (Before any DRP Actions) |
|||||
| 2009-10 | N/A | ($2,123) | ($1,036) | ($3,159) | N/A |
| 2010-11 | N/A | ($4,623) | ($2,173) | ($6,796) | N/A |
| 2011-12 | N/A | ($13,276) | ($1,499) | ($14,775) | N/A |
| 2012-13 | N/A | ($18,163) | ($1,357) | ($19,520) | N/A |
| Cumulative Gaps | N/A | ($38,185) | ($6,065) | ($44,250) | N/A |
| Total General Fund Reserves (Year-End) | $1,948 | $1,378 | ($6) | $1,372 | $1,420 |
| State Workforce (Subject to Executive Control)4 | 136,490 | 128,803 | 5,895 | 134,698 | 135,193 |
| Debt | |||||
| Debt Service as % All Funds | 4.3% | 4.4% | 0.0% | 4.4% | 4.8% |
| State-Related Debt Outstanding | $51,768 | $54,327 | $891 | $55,218 | $58,360 |
1 Revenue and spending estimates do not include $2.3 billion in potential savings that are subject to approval by the Legislature or an outside entity.
2 Excludes the approximately $1.6 billion in special revenue fund receipts and disbursements related to the new Metropolitan Commuter Transportation Mobility Tax, a tax which is collected by the State on behalf of, and transferred in its entirety to, the MTA.
3 Reflects estimated change in tax receipts excluding the impact of Tax Law changes since fiscal year 1986-87.
4 The change in the workforce estimate from the First Quarterly Update reflects (a) changes to the composition of the original workforce reduction plan to emphasize alternatives to layoffs, including the elimination of funded vacancies, severance offerings, and the use of voluntary reductions in work schedules and (b) additional hiring related to Federal stimulus money.