GAAP Fund Balance
When measured in accordance with Generally Accepted Accounting Principles (GAAP), the General Fund balance is a good indicator of the state's overall fiscal health. The General Fund is the state's basic operating fund, and it finances at least a portion of the operating budgets of every major agency. In addition, the General Fund includes the three school accounts and the General Revenue Fund account that administer nearly 40% of the state's annual expenditures. A review of the history of the fund balance of the General Fund provides a good indication of the state's overall fiscal health.
GAAP Fund Balance History
($ in millions)
|
General Fund Balance (Deficit)
|
|
|
GAAP Basis
|
|
|
FY 1991
|
($1,368)
|
|
FY 1992
|
($1,656)
|
|
FY 1993
|
($1,916)
|
|
FY 1994
|
($1,595)
|
|
FY 1995
|
($1,204)
|
|
FY 1996
|
($952)
|
|
FY 1997
|
($443)
|
|
FY 1998
|
($213)
|
|
FY 1999
|
($303)
|
|
FY 2000
|
($572)
|
|
FY 2001
|
($1,365)
|
|
FY 2002
|
($2,948)
|
|
FY 2003*
|
($4,181)
|
|
FY 2004*
|
($2,546)
|
|
FY 2005*
|
($3,299)
|
|
FY 2006*
|
($2,970)
|
|
FY 2007*
|
($4,171)
|
|
FY 2008*
|
($4,035)
|
|
FY 2009*
|
($7,682)
|
|
FY 2010
|
($9,239)
|
| * As restated. | |