GENERAL FUND
On the next page is the balance sheet for the current year and for 1997-98.
There have been some assumptions made on the Governor's balance sheet because
some information is not know to the Appropriations Committee at this time.
Those items are marked with an asterisk on the balance sheet.
The exact revenue surplus for the 1996-97 fiscal year is still unknown. At the end of April the surplus was $524 million. It will probably increase before the end of the fiscal year in June. Conservatively, the surplus will be around $560 million. Current year lapses for the 1996-97 fiscal year are assumed to be $125 million. That amount is also a conservative estimate. There are several appropriations in the current year's budget that will not be fully spent. It is not known how much will be lapsed this year and how much will be lapsed in the next fiscal year. The spreadsheet assumes all the lapses will occur in the 1996-97 fiscal year.
The Governor has yet to officially certify 1997-98 revenues. Clearly, however, the enormous underestimation of revenue in the current year suggests that the amount collected next year will be higher than the Governor originally estimated. A conservative estimate of $300 million is included in the adjustment to revenue for the 97-98 budget.
The total amount of expenditures for 1997-98 as passed in H.B. 847 is
$17.154 billion. The growth in expenditures is $612 million or 3.7% over
the current year.
General Fund Status General Fund Status
Fiscal Year 1996-97 Fiscal Year 1997-98
($ in Thousands) ($ in Thousands)
Revenue: Revenue:
-------- --------
Beginning Balance $156,249 Beginning Balance $403,009
Official Revenue Est. $16,699,500 Feb. 97 Revenue Est $17,339,200
*Revenue Adjustment $560,000 *Adjustment $300,000
Sunny Day Securitization $60,000 Proposed Tax Changes $(193,100)
Gov.Tax Changes $(15,000) Net Accruals $0
Net Accruals $0 Less Refund Reserve $(520,000)
Less Refund Reserve $(520,000) ------------
------------ Current Revenue $16,926,100
*Current Revenue $16,784,500 Prior Yr. Lapses $0
Prior Yr. Lapses $50,000
Revenue Available $17,329,109
Revenue Available $16,990,749
Expenditures
Expenditures --------------
-------------- Budgeted Approp. $17,153,990
Budgeted Approp. $16,516,620
Detail
Detail Continuing HB847 Conf. $17,153,990
Continuing $16,376,757 Supplementals $0
Supplementals $164,863 Sunny Day Fund $0
Exec. Authorizations $0 Rainy Day Fund $0
Sunny Day Fund $0 Current Lapses $0 __________
Rainy Day Fund $100,000 Unappropriated Balance $175,119
Current Lapses $(125,000)
________ Transfer Rainy Day $26,268
Unappropriated Balance $474,129 =========
Fund Balance 148,851
Transfer Rainy Day $71,119
========
Fund Balance $403,009
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