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The Washington State 2009-11 Budget Story

The Washington State 2009-11 Budget Story

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Published by messinger4129
Washington State Office of Financial Management 11/19/2009 "The 2009-11 Budget Story; Where we’ve been and where we are now"
Washington State Office of Financial Management 11/19/2009 "The 2009-11 Budget Story; Where we’ve been and where we are now"

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Published by: messinger4129 on Feb 11, 2010
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02/11/2010

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The 2009-11 Budget Story
Where we’ve been andwhere we are now
Prepared by the Office of Financial ManagementNov. 19, 2009
 
Overview
Over past 18 months, Washington has seen largest drop inrevenue in recent memory.
Last session, we closed $9 billion shortfall through:
 – 
cuts to programs and services
 – 
use of Recovery Act funds
 – 
fund transfers, including Rainy Day Fund
As revenue projections continue to decline, we will need tocut more to stay in balance.
Reduction options are limited by constitutional and federalspending mandates. This will narrow our choices.
11/19/20092
 
$9 Billion
Problem
by March 2009
-$10-$9-$8-$7-$6-$5-$4-$3-$2-$1$0Feb-08Jun-08Sep-08Nov-08Mar-09
       B        i        l        l        i      o      n      s
Cumulative $6 billionrevenuelostInitial $3 billion problem due to increasing costs
Before recession, $3 billion problem projected for 2009-11 due to health careinflation, K-12 growth, prison population growth, pension obligations.
Problem grew with recession, resulting in $6 billion loss in revenue fromFeb. 2008 -March 2009.
11/19/20093

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