States Warned of Slowdowns in Revenues, Spending
New report says fiscal 2008 is likely to see effect from nationwide housing-market woes.
State officials should expect a continued slowdown in the growth of revenue collections and spending for fiscal 2008, according to a
report released last week
by the National Governors Association and the National Association of State Budget Officers. The groups said the recent growth of state revenues peaked in the 2006 and 2007 fiscal years.
Fifteen states have reported deficits or projected lower-than-expected revenues for the current budget year, fiscal 2008, largely because of the nationwide slowdown in the housing market. But elementary and secondary school budgets will likely be spared from harm unless economic conditions worsen considerably, leaders of the NGA and NASBO said at a Dec. 5 press conference here.
“The picture is more mixed than it has been in the last eight or 10 years,” said Scott D. Pattison, the executive director of NASBO. “You have some states doing well...
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