States had another year of exceptional revenue growth driven by a number of factors, but the conversation around how to reward taxpayers is complicated.
Welcome back to another edition of Route Fifty’s Public Finance Update! I’m Liz Farmer and this week I’m looking at the major themes in the upcoming state budgets. In the last post-recession era, passing a budget was a harrowing balancing act between cutting services or raising taxes and fees. Deficits were an annual occurrence in a number of places and the federal government largely left states alone to figure it out.
Not so this time around.
This newsletter looks at what states are doing with their surpluses and why—in at least one state—getting a budget passed before the July 1 fiscal year start is still going to be a nail-biter. As always, send feedback and tips to: [email protected].
Route Fifty
By Liz Farmer
JUNE 7, 2022