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A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
[24] [25] This high degree of fiscal balancing is a result of most states in the U.S. having balanced budget requirements. [26] A balanced budget requirement is a law that requires a government to balance its budget annually, such that government spending equals government revenue. [27]
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The fiscal year 2024-2025 budget was passed last July and totaled $82.5 billion, including a general fund total of $15 Whitmer prepares funding priorities for upcoming state budget Skip to main ...
A well-planned budget provides a supportive framework for achieving your financial goals. With practice, you’ll develop the discipline needed to reach both short- and long-term money objectives.
In a package called My Money Map, these tools include a spending report, personalized budget creation, the ability to set spending goals and savings goal monitoring.