Budget Gaps for Next Two Years: $8 billion; $14 to $16 Billion

Eliot Brown — Fri, 06 Aug 2010 22:08:57 -0400

Just in case anyone had forgotten, future state budgets are still looking pretty terrible.

The state Department of Budget today sent over the agency's updated estimates--with the passage of this year's budget--for the deficits of the next two budgets:

2011-2012 fiscal year: ~$8 billion

2012-2013 fiscal year: $14 billion to $16 billion

The 2012-2013 numbers will come down next year should the budget be balanced with recurring cuts (i.e. cuts to annual expenditures; not "one-shots"), but even if all the cuts were recurring, that would still leave, roughly, a $6 billion to $8 billion hole.

The takeaway is that even with more cuts, the next two years are looking to shape up just like this year--with at least $8 billion in gaps each year. Should the numbers stay consistent, that's not going to leave whoever is in office very popular.

Observer » Budget Gaps for Next Two Years: $8 billion; $14 to $16 Billion

Budget Gaps for Next Two Years: $8 billion; $14 to $16 Billion