Obligation indicators highlight the State's major debts and liabilities. General Obligation Bond Debt and Revenue Bond Debt show the amounts that the State has borrowed to fund capital projects and has yet to repay. Other indicators show amounts that will be owed to state employees in the future through various benefit programs; these figures reflect the unfunded portion of the liability, rather than the total liability. Contingent liabilities represent tax credits that have been committed to but not yet claimed by businesses to support economic development, which could represent future revenue loss to the State. These tax credits are contingent on businesses meeting economic development metrics. Certain state agencies may borrow from the General Fund to obtain capital assets; the amount outstanding is reflected in the indicator. Most of these indicators are updated once annually, when new data become available.
Reserve indicators identify sources of funds that the State could potentially access in the case of a revenue shortfall or other emergency. Each source has legal restrictions on how those funds can be used. The indicators in the Budgetary Reserves category are the most readily accessible. Generally, when budget surpluses occur funds are automatically transferred to these "rainy day" accounts; the Legislature may appropriate additional funds to them as well. Operating Reserves are used by agencies for particular purposes, which are designated by statute or by intent language in appropriations acts. Working Rainy Day Reserves show cash amounts that are currently used to fund infrastructure projects; in the event of a shortfall, the State could use bonds to finance the infrastructure projects, freeing an equivalent amount of cash. The last category shows the principal amount in two endowment funds. Investment income generated from these funds is routinely disbursed to the General or Income Tax Funds for use on operating and capital expenses. The principal itself is constitutionally protected and would be difficult to access. Most of these indicators are updated once annually, when new data become available.
Revenue indicators are updated monthly and show the revenues recorded through the specified day in the fiscal year. The indicators include six broad categories that encompass a large portion of the budget. Each indicator compares the year-to-date recorded revenues to the most recent estimate of total annual revenues, as well as to year-to-date recorded revenues for previous fiscal years.
Expenditure indicators are updated monthly and show the expenditures recorded through the specified day in the fiscal year. The indicators include five broad categories that encompass a large portion of the budget. Each indicator compares the year-to-date recorded expenditures to the most recent estimate of total annual expenditures, as well as to year-to-date recorded expenditures for previous fiscal years.