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

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.

 

 

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