Fiscal Note

The Governor submits the House 2 budget recommendation for FY 2015 for the maintenance of the departments, boards, commissions, institutions and certain activities of the Commonwealth, for interest, sinking fund and serial bond requirements.  The Governor’s budget recommendation totals $36.373 B, before including the state’s annual contribution for employee pension costs. When accounting for state pension costs, total FY 2015 state spending equals $38.166 B. The estimated spending for the current fiscal year (FY 2014) totals $34.682 B. FY 2015 spending will be 4.88% greater in estimated spending than FY 2014.

Fiscal Summary
  FY2014 FY2015 Annual Change % Change
Section 2 Direct Appropriations: 34,115.80 35,762.00 1,646 4.83%
Section 2 Retained Revenues: 566 611 45 7.91%
Total FY 2014 Section 2 Spending 34,682 36,373 1,691 4.88%
State Pension Contribution: 1,630 1,793 163 10.00%
Spending Including Pensions: 36,312 38,166 1,854 5.11%