Interest on unprecedented amounts of federal cash keeps state budget afloat ...Middle East

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Over the last 12 months, the state collected $7.7 billion in revenue, about $18.4 million or 0.24% more than was collected the previous fiscal year. If not for collecting $68.7 million or 84.4% more in interest earnings than the previous fiscal year, the state would have been in the rare situation of collecting less revenue than the previous year for only the sixth time since 1970. Interest earnings were buoyed by high interest rates and unprecedented surplus state cash on hand. The state has accumulated large surpluses in part because of billions in federal dollars that poured into the state in response to the COVID-19 pandemic. The latest revenue report, for the fiscal year that

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Last updated : 08 July 2024 clock 07:41 PM

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Interest on unprecedented amounts of federal cash keeps state budget afloat ...Middle East

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