The state credit rating is the grade given by a credit rating agency based on the general financial health of the state's government and economy.State debt refers to the money borrowed to make up for a deficit when revenues do not cover spending.Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments.The following terms are used to describe a state's finances: 6.2 Public Interest Research Group 2016 report.State budget decisions are also influenced by policy decisions at the national level, such as the Affordable Care Act or energy and environmental regulations, and issues at the local level, such as crime and the quality of education.
If revenues do not keep pace with expenditures, states generally have to raise taxes, cut services, borrow money, or a combination of the three. State budgets are complex and fluid, as they depend on anticipated revenues and planned expenditures, which may alter over the course of a fiscal year. This includes generating revenues (money coming into the state from various sources) and approving expenditures (the money spent on governmental functions and servicing state debt). In Texas, as in other states, lawmakers and public officials are elected in part to manage the state's finances. It contains information from several sources consequently, the currency of the information can vary from source to source. This article, which is updated on an annual basis, was last updated in June 2017. Department of Commerce, Bureau of Economic Analysis. For more information on "regional price disparities" and the Consumer Price Index, see the U.S. The amounts given on this page have not been adjusted to reflect these differences. Note: In comparing dollar amounts across the states, it is important to note that the cost of living can differ from state to state and within a state. Total spending (state and federal funds):
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