State and Local Government Finances: 2004-2011

Find here historical data on local and state government for all 50 states covering the years 2004- 2011.  
State and local government finances

State and Local Government Revenue: 2009

"In 2009, state and local governments brought in nearly $2.1 trillion, a 22.1 percent ($587.5 billion) decrease from 2008, according to statistics from the U.S. Census Bureau. Most tax revenue categories saw declines except property tax, which saw a 3.7 percent increase to $424.0 billion.

These findings come from the 2009 Annual Surveys of State and Local Government Finances, which include statistics on revenues (including taxes), expenditures, debt and assets (cash and security holdings) for state and local governments.

Revenue from the federal government increased 12.3 percent from $478.0 billion to $536.8 billion between 2008 and 2009..."

CBO's Projections of Federal Receipts and Expenditures in the Framework of the National Income and Product Accounts
"The fiscal transactions of the federal government are recorded in two major sets of accounts. One is The Budget of the United States Government, which is prepared by the Office of Management and Budget and is the framework generally used by executive branch agencies and the Congress and typically discussed in the press. The other set of accounts is the national income and product
accounts (NIPAs), which are produced by the Department of Commerce’s Bureau of Economic Analysis.

The purposes served by the budget and the NIPA accounting frameworks, the conceptual differences, and the relationship between those two sets of data are examined briefly below and more thoroughly in previous publications by the Congressional Budget Office(CBO).In August, CBO reported its latest baseline projections of federal revenues and outlays in the standard structure for budget accounting. This report presents those projections in the NIPA framework(see Tables 1 and 2)..."

State and Local Government Spending Increases by 6.5 Percent in 2008, Census Bureau Reports
" State and local government spending increased by 6.5 percent in 2008, totaling more than $2.8 trillion, according to the U.S. Census Bureau. Education topped government spending ($826.1 billion), followed by public welfare ($404.6 billion), insurance trust expenditures ($234.6 billion), utilities ($193.4 billion) and highways ($153.5 billion).

“These data provide a detailed look at state and local government spending priorities,” said Lisa Blumerman, chief of the U.S. Census Bureau's Governments Division.

These findings come from the 2008 Annual Surveys of State and Local Government Finances, which includes data on revenues, expenditures, debt and assets (cash and security holdings) for state and local governments..."

2008 Annual Survey of State Government Finances
State governments took in nearly $1.7 trillion in total revenues in fiscal year 2008, a 15.8 percent decrease from 2007, according to new data on state government finances released by the U.S. Census Bureau. The largest share of those revenues came from taxes ($780.7 billion), which made up 46.5 percent. The decline was primarily because of a decrease in insurance trust revenue, which fell by $377.7 billion (72.7 percent).

Insurance trust systems are comprised of public employee retirement systems, the unemployment compensation system, state government workers’ compensation programs and other state social insurance trusts.

Total state government expenditures increased 6.2 percent from fiscal year 2007, totaling slightly more than $1.7 trillion in 2008. Education ($546.8 billion), public welfare ($412.1 billion) and highways ($107.2 billion) represented the top three outlays, accounting for nearly two-thirds of all state government total expenditures.

The findings come from the 2008 Annual Survey of State Government Finances, which includes data on revenues, expenditures, debt, and cash and security holdings for each state, as well as a national level summary. The major source of these finance statistics is the governments’ own accounting systems, either directly from a government’s own records or through intermediate reporting systems.nual Survey of State Government Finances..."

2007 State Government Finances
"Complete information on the financial activity of all 50 state governments. Data cover revenues by type (taxes and federal aid), expenditures by character (current operations, capital outlay, payments to other governments), expenditures by function (welfare, health, education, natural resources), indebtedness, and cash and security holdings. Complete statistics on local government finances will be released in the summer of 2009 from the 2007 Census of Governments."

Federal, State, and Local Governments Finances of Selected State and Local Government Employee Retirement Systems
"A quarterly survey that provides national summary data on the revenues, expenditures, and composition of assets of the largest public employee retirement systems."

Fact Sheet: Plan To Stabilize Financial System Is Limited In Size, Scope, And Duration
"Today, President Bush visited the United States Chamber of Commerce and discussed the actions that the Federal Government has taken in response to the financial crisis. The President explained that the government took swift action to protect the financial security of the American people. One important element, the equity purchase program, is designed with strong protections to ensure the government's involvement is limited in size, limited in scope, and limited in duration:

* The government's involvement is limited in size. The government's investment is capped for any individual firm that chooses to participate in this voluntary program, so that private investors retain control.
* The government's involvement is limited in scope. The government will not exercise control over any private firm. The shares owned by the government will have voting rights that can be used only to protect the taxpayer's investment – not to direct the firm's operations.
* The government's involvement is limited in duration. This program includes provisions to encourage banks to buy back their shares from the government when the markets stabilize and they can raise money from private investors..."

The Cost of Government Financial Interventions, Past and Present
"In response to ongoing financial turmoil that began in the subprime mortgagebacked securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. The firms affected were Bear Stearns, Fannie Mae and Freddie Mac, and AIG. Another large investment bank, Lehman Brothers, sought government intervention, but none was forthcoming; subsequently, the firm sought bankruptcy protection. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The sources of funding are relatively straightforward, the Federal Reserve (Fed) and the U.S. Treasury. The costs, however, are difficult to quantify at this stage. In the most recent interventions (Fannie Mae and Freddie Mac, and AIG), all the lending that is possible under the interventions has yet to occur. Also, in all the current cases, the government has received significant debt and equity considerations from the private firms. At this point, Fannie Mae, Freddie Mac, and AIG are essentially owned by the federal government. Depending on the proceeds from the debt and equity considerations, the federal government may very well end up seeing a positive fiscal contribution from the recent interventions, as was the case in some of the past interventions summarized in the tables at the end of this report. The government may also suffer significant losses, as has also occurred in the past..."