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.
| 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% |
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