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FY03 Budget Summary Means of
Financing and Expenditures
State General Fund Revenue Sources
The official State General Fund revenue estimate adopted by the
REC at its June 20th meeting is $6.503 billion. However, an
additional $131.6 million in non-recurring State General Fund are
included in State General Fund Expenditures, thus resulting in the
$6.6 billion total for SGF Revenue. This represents growth of
$91.1 million over the last official forecast for FY02.
Sales and use taxes comprise the largest source (nearly 40
percent or $2.7 billion) of such monies in the General Fund.
Revenues from individual income taxes account for the next largest
source generating 30 percent, or $2 billion. Other major sources
include mineral revenues which make up 9 percent ($592 million),
corporate income tax which accounts for about 6 percent, or $429
million, and gaming monies which amount to about 5 percent, or
$351 million. (The $351 million reflected for gaming revenue is
only a portion of the total $714.4 million generated by gaming
activities across the state. The difference is deposited into
various special funds such as the $136 million deposited into the
SELF Fund.) A variety of smaller sources provide 8 percent of the
total (roughly $501 million).
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Total Means of Financing for FY03
The total means of financing supporting state spending in FY03
is $16.2 billion which is an increase of slightly more that $111
million (less than 1 percent) over FY02. State General Fund
(Direct) and Federal funding accounts for 77 percent of the monies
supporting state FY03 expenditures.
State General Fund (Direct) funds comprise 41 percent or $6.6
billion of the FY03 total budget. Federal funds provide 36 percent
of the total, or $5.9 billion. Statutory Dedications make up 16
percent, or $2.6 billion. The smallest group of monies supporting
the budget come from Fees and Self-generated monies which provide
7 percent of the total, or $1.1 billion.
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FY03 Appropriations
In terms of expenditures, education and health and human
services account for the majority of state spending in FY03.
Relative to the $6.6 billion State General Fund Budget,
education spending accounts for over 53 percent, or $3.5 billion.
Nearly 21 percent, or $1.4 billion, of the SGF spending is for
health and human resources. Spending on general government
agencies amounts to 15 percent, or a little more than $1 billion;
public safety functions cost nearly 7 percent ($447 million) of
the General Fund; and spending on other various functions such as
economic development and infrastructure amount nearly 4 percent
($253 million) of the total.
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Total Expenditures FY03
Relative to the Total State Budget of $16.2 billion,
expenditures for education amount to nearly 36 percent (or $5.8
billion) and spending on health and human resources accounts for
more than 33 percent ($5.4 billion). Spending on general
government, public safety functions and other areas is reflected
in the chart below.
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Discretionary, Non-Discretionary General Fund Expenditures
The following chart displays the spending associated with the
portions of the State General Fund budget which are discretionary
(38 percent or $2.5 billion) and which are non-discretionary (62
percent or $4.1 billion).
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Most
of the $4.1 non-discretionary SGF spending provides for mandated
education funding such as the Minimum Foundation Program. The
following pie charts show the break down of discretionary and
non-discretionary SGF expenditures by function.
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