Budget Gaps Shrink for 2003, Though Next Year Will See Much Larger Hole

Vadum, Matthew
April 2003
Bond Buyer;4/28/2003, Vol. 344 Issue 31623, p5
Trade Publication
This article reports that the U.S. states have removed $ 4 billion off a collective budgetary gap for the fiscal year 2003 that was estimated at $ 25.7 billion, but the projected gap for both this year and next has increased to$ 100 billion from$ 94 billion, according to the National Conference of State Legislature. Based on information collected from states' legislative fiscal directors for the two weeks before April 28, 2003, the report indicated that states have reduced their cumulative budgetary shortfall for 2003 to $ 21.5 billion from the$ 25.7 billion estimate they provided in February. Many state fiscal officials have expressed concerns that personal income tax collections will fall short of estimates in April, the biggest month for tax collections.


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