State's ending fund balance less than expected, memo says
HELENA — The ending fund balance for fiscal year 2016 was $255 million, or $99 million less than anticipated, according to an Aug. 25 memo prepared by the Legislative Fiscal Division, adding that figure was expected to dip down to $153 million by fiscal year 2017.
“Actual revenues in FY 2016 were $142 million less than anticipated in (House Joint Resolution 2, the state budget bill),” Amy Carlson, legislative fiscal analyst, states in her memo to Legislative Council members. “Actual expenditures were $41 million lower than anticipated and prior year adjustments netted a positive impact to ending fund balance of $2 million.”
Sen. Fred Thomas, R-Stevensville, who heads the state Revenue and Transportation Interim Committee, has criticized past budget projections provided by the governor’s office. He said Monday the numbers, as provided by the Legislature’s Legislative Fiscal Division, are getting worse and will force state officials to make tough decisions regarding funding services such as schools.
“We will begin the 2018 biennium with about $100 million in the bank,” he said, adding the administration of Democratic Gov. Steve Bullock had failed to tap into natural resource revenues that would help the state.
Read more: http://www.greatfallstribune.com/story/news/local/2016/08/29/ending-fund-balance-less-expected-memo-says/89566764/