State Ended Fiscal Year 2023-24 with $4.6 billion surplus

The Department of Administration reported the state ended the 2023-24 fiscal year with $4.6 billion in the general fund, about $400 million more than expected, due in part to higher-than-anticipated revenues and deferred spending. The current fiscal year 2024-25 is also looking positive, with revenues up 4.3% compared to the previous year, driven by increases in income, sales, and corporate taxes. Additionally, the state’s rainy-day fund has reached a record high of $1.9 billion. With a projected $3.5 billion surplus for the biennium, the state’s financial outlook will become clearer after the November 20 revenue forecast and upcoming tax collection reports.