A Silver Lining in Weak Tax Collections
The headline of a recent state revenue report hints at a problem: “April ‘Surprises’ More Surprising Than Expected.” The analysis goes on to report that some states are missing their fiscal year (FY) 2014 revenue estimates because personal income tax collections in April were well below most states’ expectations.
On Capital Budgeting
It isn’t the sexiest area of state budgeting—if there is such a thing—but it is one of the most important. In contrast to the federal government, which finances capital improvements in a single, unified budget, states typically budget separately for capital expenditures. The National Association of State Budget Officers (NASBO) has just released a compendium of state capital budgeting practices, captured in 42 tables with lots of explanatory notes.