TABLE 1-15.-FISCAL 1995 STATE GENERAL FUND, RECOMMENDED

TABLE 1-15.-FISCAL 1995 STATE GENERAL FUND, RECOMMENDED Continued

Notes to Table 1-15.-For all states, unless otherwise noted, transfers into budget stabilization funds are counted as expenditures and transfers from budget stabilization funds
are counted as revenues.

California Beginning balance and revenues include an off-budget eighteen-month payoff of prior year deficit. Ending balance includes a budget stabilization fund of $55 mil-
lion and a $393 million reserve for liquidation.

Colorado-Ending balance includes a budget stabilization fund of $170.7 million.

Connecticut-Figures include federal reimbursements, such as Medicaid.

Delaware Ending balance includes a budget stabilization fund of $78.3 million. Figures include federal reimbursements for Medicaid.

Indiana Figures include property tax replacement fund, but do not include balance of the general fund tuition reserve, which will be $180 million in fiscal 1995. The impact
of the Governor's deficit reduction plan and Medicaid reforms will reduce projected fiscal 1995 expenditures by $254.5 million.

lowa-The ending balance, by law, is transferred to the cash reserve fund and, to the extent the balance in the cash reserve exceeds the required amount, the excess is
transferred to the Generally Accepted Accounting Principles (GAAP) deficit retirement account. The budget stabilization fund includes balances in cash reserve and economic emer-
gency at the end of the year and is currently $78.8 million.

Kansas-The budget stabilization fund includes $50 million that is recommended to be transferred to social services to offset reductions in disproportionate share funds.
Minnesota Ending balance includes a budget stabilization fund of $500 million. The recommendation also includes creating a $180 million school aid reserve account dedi-
cated to future funding for elementary and secondary education. Any future forecast improvement would be added to this account, up to a total of $300 million.

Mississippi Fifty percent of the unencumbered ending balance, not to exceed 7.5 percent of current year appropriations, is transferred to a budget stabilization fund.
Montana Figures include changes in earmarking of taxes for a school equalization increase of $125 million in expenditures and $134 million in revenues. These amounts had
not been recorded in the general fund in previous years.
130

New Jersey-Reflects both the general fund and the Property Tax Relief Fund. Ending balance includes a budget stabilization fund of $147.8 million.
New Mexico Revenues are adjusted for $58.2 million in executive-proposed recurring tax cuts. Ending balance includes a budget stabilization fund of $154 million. 230
New York-The state ended fiscal 1993 with a general fund surplus of $671 million and is estimated to end fiscal 1994 with a $299 million surplus. Because any general
fund surplus is automatically deposited to the state's Tax Stabilization Reserve Fund (which can be used only in the case of a deficit), the state chose instead to deposit the ex-
cess monies into the personal income tax refund reserve account. As a result, tax revenues in fiscal 1993 were reduced by $671 million; projected tax revenues in fiscal 1994
were artificially inflated by $671 million as well as reduced by $299 million; and projected tax revenues in fiscal 1995 were artificially inflated by $299 million. Additionally, the
estimated fiscal 1994 disbursements include $314 million to be transferred from the general fund to the contingency reserve fund. These monies are projected to be disbursed
from the contingency reserve fund in fiscal 1995 for litigation expenses.

South Dakota-The beginning and ending balances represent the unobligated cash balance. Revenues includes obligated cash carried forward from the prior year. Expenditures include obligations against cash and transfers out of the general fund.

Tennessee Ending balance includes a budget stabilization fund of $125.0 million.

Source: The fiscal survey of States, National Governors' Association, National Association of State Budget Officers, April 1994.

TABLE 1-16.-NOMINAL PERCENTAGE EXPENDITURE CHANGE, FISCAL 1994 AND FISCAL