[calcowgirl]

I have been trying to figure out how to post a table from the LAO Report (Figure 3). It is quite interesting. It shows that the surplus as of the end of 2005-05 grew to over $9 Billion and then shows how it is depleted to $153 million by the end of 2006-07. Here is the explanation of the surplus and other key figures:

• The 2004-05 fiscal year concluded with a reserve of $9.1 billion. The reserve amount is up sharply from the $7.5 billion estimate included in the 2005-06 Budget Act, and is $1 billion more than the amount assumed in our November forecast. This improvement from both of the previous estimates is due mainly to large upward revisions to year-end revenue accruals to the corporation tax and personal income tax. More generally, the large 2004-05 reserve is a reflection of strong amnesty payments received last year, and includes the proceeds of the deficit-financing bonds issued in 2003-04.

• In 2005-06, expenditures are expected to exceed revenues by $2.6 billion, leaving $6.5 billion in the reserve.

• In 2006-07, expenditures increase to nearly $98 billion, while revenues are projected to reach $92 billion. The resulting large operating shortfall results in a further decline in the reserve, to $613 million by the close of the budget year.

[Amerigomag]

This one?

Figure 3 Governor’s Budget General Fund Condition
(Dollars in Millions)
			Proposed for 2006-07
	Actual 2004-05	Estimated 2005-06	Amount	Percent Change
Prior-year fund balance	$7,228	$9,634	$7,031
Revenues and transfers	82,209	87,691	92,005	4.9%
Total resources available	($89,438)	($97,325)	($99,036)
Expenditures	$79,804	$90,294	$97,902	8.4%
Ending fund balance	$9,634	$7,031	$1,134
Encumbrances	$521	$521	$521
Reserve	$9,112	$6,510	$613
Budget Stabilization Account	—	—	$460
Reserve for Economic Uncertainties	$9,112	$6,510	153