Here you will find two types of financial reports. 1) Financial Forecasts – reports on the state’s future projected financial situation and 2) End of year audited financial reports – reports that provide information on actual state spending and revenue and detail the state’s balance sheets.
At the end of each fiscal year, the Office of the State Comptroller produces final audited accounting reports.
While the state budgets for the short-term, it is important for the legislature to take a longer-term view of our state’s finances while crafting state policy. The Office of Policy and Management and the Office of Fiscal Analysis are required to report on state spending and revenue estimates for the remainder of the current fiscal year and the subsequent three fiscal years by November 15 each year. These reports, called “Fiscal Accountability Reports,” provide a snapshot of state finances over the next three fiscal years in the absence of any new policy changes.
The Office of the State Comptroller (OSC) and the Office of Policy and Management (OPM) issue regular monthly reports on year-to-date state finances.
An accurate forecast of anticipated state revenue is essential to creating a balanced state budget. By statute, the governor’s office and the legislature are required to develop a consensus revenue projection in November of each year. The estimate is then updated as needed in January and April. The consensus revenue estimate is the baseline revenue assumption upon which the state budget is built.