State ends fiscal year with $1 billion surplus

From State Rep. Sharon Steckman

The fiscal year 2011 budget ended on June 30, 2011, but it took several months to settle accounts and finally close the books for the year. The State ended the fiscal year with a general fund budget that spent $5.344 billion and had an ending balance of $554.6 million. This ending balance was $71 million higher than estimated. When this ending balance is combined with the $436.8 million the State has in its reserve funds, this totals nearly $1 billion in surplus.

Any unobligated funds from fiscal year 2011 flows into the State’s reserve funds and fills them to their statutory 10% of the total state budget level of $595.5 million. Under the state’s budget laws, once the reserve funds are filled, the funds flow back into general fund for use in the next fiscal year. The fiscal year 2012 general fund budget will receive $357.2 million in excess reserve funds.