Budget Management
A Cloudy Crystal Ball: Pandemic Forecasting Challenges Highlight Need for Budget Relief Valves
STATE BUDGET OFFICIALS HAVE RUN a gauntlet of challenges since COVID-19 descended upon the US in January 2020. The nation’s economy whipsawed through the pandemic—from growth to contraction to recovery to overheating—as the federal government’s crisis response encourage shutdowns and unleashed trillions of dollars of stimulus money.
The Unprecedented Federal Fiscal Policy Response to the COVID-19 Pandemic and its Impact on State Budgets
Massive fiscal stimulus supported the economy during the pandemic, but also contributed to goods shortages, inflation, and long-term debt.
State Budget Stress Testing: How Utah Budget-makers are Shifting the Focus from a Balanced Budget to Fiscal Sustainability
State budget stress tests help policymakers to plan for and create appropriate, measured responses to economic volatility. Utah is the first state to implement comprehensive budget stress testing, evaluating the sufficiency of reserves and other budget contingencies to cover recession-spurred revenue shortfalls and countercyclical cost hikes.
State Budget Stress Testing User Guide
This user guide is a supplemental piece to the Gardner Institute’s report “State Budget Stress Testing: How Utah Budget makers are Shifting the Focus from a Balanced Budget to Fiscal Sustainability.” It is intended to assist other states in preparing their own budget stress tests.
Revenue Estimating and Budgeting in Utah: A Primer
Kevin G. Walthers, Ph.D.