State Responses to Budget Crisis in 2004: An Overview of Ten States – Overview and Case Studies
In this report we examine how ten states from around the nation have responded to their budget crises in fiscal year 2004. While states vary in the depth of the budget pressures they faced, as state revenues remained depressed, all were required to make difficult choices among spending reductions, tax increases, or other revenue measures. In general, we found states with few exceptions relied on targeted revenue measures, such as cigarette and alcohol taxes, but were unwilling to engage in significant increases in personal or corporate income taxes or sales taxes. States did continue the pattern of recent years of drawing on reserves or rainy day funds, transferring monies from dedicated trust funds and shifting spending or taxes across time periods to address current shortfalls. Due to the length of the document, we have also provided the chapters broken down by state to facilitate viewing and downloading capabilities.
New Jersey (.pdf)
New York (.pdf)