States expect to spend down some of their staggering savings this fiscal year, with more to come next year as budgets tighten and California confronts a crisis.
States’ total balances — which include both emergency savings held in rainy-day funds and surplus cash — are set to shrink by about 30% to $288.5 billion this fiscal year as states dip into the massive surpluses they built up in recent years, according to the latest survey from the National Association of State Budget Officers.
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