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Survey finds state budgets have largely recovered from the pandemic
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N J budget could be surprisingly flush with cash What will Murphy do with all that money?
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McCarthy Misleads on State and Local Revenue
February 9, 2021
House Republican Leader Kevin McCarthy misleadingly argues that federal aid to state and local governments is unnecessary because state and local tax receipts were “the highest… in American history” in the third quarter.
State budget experts say the third quarter revenues were inflated, because almost all states moved the deadline for filing state taxes from April 15 to July 15 due to the pandemic, pushing more tax receipts to the third quarter. Many states also extended the deadline to submit sales tax receipts to the state, shifting revenue between quarters.
“It is critical to look at the entire pandemic period, rather than individual quarters, as there has been too much shifting of revenues from one quarter to another, from one fiscal year to another,” said Lucy Dadayan, a senior research associate at the Urban Institute. Looking at the pandemic months, she said, state and local revenues are down overall.
(The Center Square) â In fiscal 2021, general revenue spending by U.S. is expected to decline for the first time since the Great Recession based on the most current estimates by the National Association of State Budget Offices.
After nine consecutive years of spending growth in the states, weaker revenue projections from the COVID-19 pandemic and subsequent restrictions on economic activity is causing statesâ general revenue spending to decline by 1.1% from projected 2020 spending and by 5.5% when compared to governorsâ pre-pandemic budget proposals, according to currently enacted budgets.
âStates this year have faced tremendous uncertainty in their revenue forecasts and budget outlooks,â NASBO President Kate Ness said in a statement. âRevenue estimates continue to be below pre-pandemic projections, while an uneven recovery is contributing to rising spending pressures at the same time.â
Stimulus update: Both Republican, Democratic-led states feel the budge toll from COVID-19
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