New figures from the state’s Legislative Fiscal Bureau (LFB) show that the 2013-15 budget approved by the Joint Committee on Finance (JCF) would spend $4 billion (6.2%) more than was authorized in the 2011-13 state budget. Since final spending figures for 2012-13 are not in yet, we compare the proposed state budget to 2011-12 and 2012-13 amounts authorized two years ago. The JCF budget proposes to spend $68.3 billion in 2013-15 compared to $66.1 billion during 2011-13.
The JCF budget spends $33.8 billion from all funds (excluding borrowing) in 2013-14, a $1.2 billion (3.7%) increase from $32.6 billion in 2012-13. In 2013-14, that amount rises another $800 million (2.4%) to $34.6 billion. This budget authorizes $1.8 billion of borrowing over the biennium, compared to $1.7 billion during 2011-13.
Spending from the state’s general fund is proposed to increase $216 million (1.5%) to $15.0 billion in 2013-14 and another $506 million (3.4%) to $15.6 billion in 2014-15.
The state is expected to end the 2013 fiscal year with a general fund surplus of $670 million. That balance falls to $470 million at the end of fiscal 2014 and to $174 million in 2015. The 2014 ending balance is smaller than those for 2012 or 2013 but higher than any balances from 2002 through 2011. The ending balance topped $200 million in 2001.
Finally, LFB figures show the JCF budget would mark the return of structural imbalances—but on a smaller scale than for budgets approved during . During those years, first-year structural imbalances ranged from $589 million to $1.3 billion. The 2011-13 budget created a structural surplus heading into this budget. However, if the JCF budget is approved, lawmakers would face a $202 million first-year imbalance heading into the 2015-17 biennium.