FIVE YEAR FINANCIAL PLAN
EXECUTIVE SUMMARY

Entire Five-Year Financial Plan (PDF, 3.60MB)

The Financial Plan provides greater detail about the budget, including revenue initiatives, savings initiatives, reserves, debt, and more.


Financial Plan At-a-Glance

FINANCIAL PLAN AT-A-GLANCE: KEY MEASURES
(millions of dollars)
  2008-09 Actuals 2009-10
Mid-Year Update1
2009-10 Revised2 2010-11
Executive Proposal
State Operating Funds Budget2        
Size of Budget $78,168 $79,970 $79,182 $79,927
Annual Growth 1.5% 2.3% 1.3% 0.9%
Other Budget Measures (Annual Growth)        
General Fund (with transfers) $54,607 $54,610 $54,129 $54,522
  2.3% 0.0% -0.9% 0.7%
State Funds (Including Capital)3 $83,146 $85,505 $84,639 $86,149
  2.2% 2.8% 1.8% 1.8%
Capital Budget (Federal and State) $6,829 $8,053 $7,975 $8,858
  11.4% 17.9% 16.8% 11.1%
Federal Operating  $36,574 $45,162 $46,015 $45,173
  11.1% 23.5% 25.8% -1.8%
All Funds2 $121,571 $133,185 $133,172 $133,958
  4.8% 9.6% 9.5% 0.6%
All Funds (including “Off-Budget” Capital) $123,833 $135,276 $135,190 $135,858
  5.2% 9.2% 9.2% 0.5%
Inflation (CPI) Growth 2.7% 0.0% 0.3% 2.0%
All Funds Receipts (Annual Growth)        
Taxes $60,337 $59,383 $59,839 $63,213
  -0.9% -1.6% -0.8% 5.6%
Miscellaneous Receipts $20,064 $21,385 $22,133 $21,541
  2.1% 6.6% 10.3% -2.7%
Federal Grants $38,834 $48,087 $49,087 $48,247
  11.2% 23.8% 26.4% -1.7%
Total Receipts $119,235 $128,855 $131,059 $133,001
  3.3% 8.1% 9.9% 1.5%
Base Tax Growth/(Decline)4 -3.0% -11.0% -10.5% 3.1%
Combined General Fund/HCRA Outyear Gap Forecast        
2009-10 N/A ($3,159) $0 $0
2010-11 N/A ($6,796) ($7,418) $0
2011-12 N/A ($14,775) ($14,311) ($6,286)
2012-13 N/A ($19,520) ($18,331) ($10,488)
2013-14 N/A N/A ($20,713) ($12,227)
Total General Fund Reserves $1,948 $1,372 $1,373 $1,421
Rainy Day Reserve Funds $1,206 $1,206 $1,206 $1,206
All Other Reserves $742 $166 $167 $215
State Workforce (Subject to Executive Control) 136,490 134,698 132,517 131,906
Debt        
Debt Service as % All Funds 4.3% 4.4% 4.3% 4.8%
State Related Debt Outstanding $51,768 $55,218 $54,831 $57,482

1 Before impact of any Deficit Reduction Plan (“DRP”) actions.

2 Includes the impact of the DRP approved in December 2009. Gaps assume 2009-10 deficit remaining (after the
   DRP) is carried forward into 2010-11.

3 Approximately $1.5 billion in 2009-10 and $1.8 billion in 2010-11 have been added to special revenue fund
   receipts and disbursements for the new Metropolitan Commuter Transportation Mobility Tax, a tax which is
   collected by the State on behalf of, and transferred in its entirety to, the MTA.

4 Reflects estimated change in tax receipts excluding the impact of Tax Law changes since fiscal year 1986-87.

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