State Strategies for Closing FY 2020 with a Balanced Budget
State options for closing FY 2020 shortfalls are limited and may ultimately include drawing on reserve funds and even accounting tricks
16 min read
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How Healthy is Your State’s Rainy Day Fund?
Rainy day funds have increasingly emerged as a standard component of states’ budgeting toolkits. Economic cycles can have significant impacts on state revenue, but states can prepare for the inevitable downturns during good times by putting away money in a revenue stabilization fund.
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Income Taxes Are More Volatile Than Sales Taxes During an Economic Contraction
In the short term, states must anticipate reduced tax collections as the economy slows. And here, not all taxes are created equal. As a general rule, income taxes are more volatile than consumption taxes.
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