As previously reported on Conduit Street, the Governor released his Fiscal 2014 budget last week. This budget proposal balances the budget with minimal reductions and no increases in revenue, leaving a remaining balance of $613,714 at the end of Fiscal 2013 and $236,043 at the end of Fiscal 2014.
On January 21, the Department of Legislative Services briefed the members of the House Appropriations Committee and the Senate Budget and Taxation Committee on the actions being taken to balance the FY 2014 budget. To balance the budget and nearly eliminate the structural deficit, the budget relies on the prior year remaining balance and a series of revenue adjustments and budget transfers. The budget also increases the rainy day fund to almost $1 billion. (This is described in much more detail in the fiscal briefing document.)
A previous blog post summarizes what’s in the budget for counties.