The Governor submits the House 1 budget recommendation for FY 2016 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 $38.062 B, before including the state’s annual contribution for employee pension costs. When accounting for state pension costs, total FY 2016 state spending equals $40.034 B. The estimated spending for the current fiscal year (FY 2015) totals $36.938 B. FY 2016 spending will be 3.0% greater in estimated spending than FY 2015.
FY2015 | FY2016 | Annual Change | % Change | |
---|---|---|---|---|
Appropriated Spending | 36,938 | 38,062 | 1,124 | 3.0% |
State Pension Contribution: | 1,793 | 1,972 | 179 | 9.98% |
Spending Including Pensions: | 38,731 | 40,034 | 1,303 | 3.36% |