Late last week, the state’s Division of Budget (DOB) released its Updated Financial Plan, which provides an update on the states’ 2013-14 spending plan.
The report predicts a 2014-15 state budget deficit of $1.74 billion, as well as additional budget deficits in future budget years.
The Division of Budget’s update is a reminder that the state continues to operate with a structural deficit. We continue to spend more than we take in – and we will for the foreseeable future. That simply does not make good fiscal sense.