Balance Sheets - Legislative Session Fiscal Reports (Graybooks)
This publication provides a summary of fiscal information and analysis of enacted legislation with estimated fiscal impacts of the previous Legislative Session. It is published annually in July or August depending on the length of the preceding legislative session. The balance sheet in this document will display information for the most recently completed fiscal year; estimates of the current fiscal year in progress, including revenue adjustments and supplemental appropriations enacted during the previous legislative session; and estimates for the fiscal year that begins on July 1 following the legislative session, including enacted revenue adjustments appropriations. This balance sheet also incorporates the impact of the Governor's item vetoes on the enacted budget.
The General Assembly began enacting a partial biennial budget starting with the 2011 legislative session, whereby a complete budget is enacted for the fiscal year beginning July 1, and a partial budget is enacted for the fiscal year that begins in year two of the budget cycle. The partial budget in year two usually consists of funding state agencies' operating budgets at 50% of the previous fiscal year level.
The balance sheet published in the Graybook document will also include supporting tables that show the enacted revenue adjustment estimates, appropriations bills, the calculation of the expenditure limitation, and adjusted revenue estimate, and the status of the state's reserve funds and the Taxpayers Trust Fund.