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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).

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.

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.

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.

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).

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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