state budget

The new year begins with a layer of both fiscal and political uncertainty. For at least 18 states, it will be a year of change in political leadership. After several years of continuous revenue growth, states are crafting their Fiscal Year (FY) 2027 budgets amid slower growth, rising costs, and heightened unease.

Pennsylvania Gov.

On March 1, Massachusetts Gov.

Last week, Pennsylvania Governor Josh Shapiro and the Pennsylvania Department of Community & Economic Development (DCED) released what they are describing as the Commonwealth’s first comprehensive Statewide Economic Development Strategy in nearly 20 Years.

Last week (Jan. 3), Maryland’s state comptroller released the state’s first State of the Economy report.

In his budget proposal, Maryland Gov.

Attracting investment to a coal-dependent region with a state-of-the-art AgriTech research and development center is under consideration in Kentucky while Rhode Island is proposing greater investment in developing its blue economy. Kentucky Gov. Andy Beshear and Rhode Island Gov. Daniel J. McKee have both targeted new innovation initiatives to grow their state’s economy in their recently proposed budgets.

Earlier this month, California Gov. Gavin Newsom released his proposed FY 2022-2023 budget, which he said “reinforces our role as the global leader in climate protection, innovation and job creation.” The budget focuses on new investments and “positions the state as a global leader in innovation and solutions to both mitigate and adapt to the changing climate.” The proposal includes billions in one-time funding from various sources over five years to advance the state’s climate and opportunity budget and provide equitable climate solutions.

As the economic fallout continues from the coronavirus pandemic and associated shutdown, states are still uncertain as to what their financial situations might be as they attempt to craft their new spending plans for a quickly approaching new fiscal year, which for most states start July 1. Last month, New Jersey state leaders took a unique approach to the situation by extending the current fiscal year from June 30 to September 30. The extension addresses a number of issues.

Although uncertainty and fear about the state’s fiscal situation continue to grow, New York’s 2021 budget stands strong in its commitment to deliver a green economy and resilient communities, preserve natural ecosystems and ensure access to clean drinking water. The State of New York has recently approved its budget for the fiscal year of 2021, which includes investments focusing on environmental resilience, conservation, green energy, and carbon-free transportation.