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In November 2025, the National Association of State Budget Officers (NASBO) released its semi-annual report, Fall 2025 Fiscal Survey of States. The report updates information on the states’ fiscal conditions, including aggregate and individual state data on general fund receipts, expenditures and balances. The survey was conducted by NASBO and completed by state budget officers in all 50 states, several U.S. territories and the District of Columbia. 

The report highlights states’ enacted budgets for fiscal 2026. The survey indicates that state general fund spending in fiscal 2026 is projected to total $1.33 trillion, an increase of 1.3% over preliminary actual fiscal 2025 levels, with a median growth rate of 0.2%. In fiscal 2025, general fund spending exceeded the originally enacted levels, which was partially due to $26 billion in net mid-year spending increases approved by states. 

In fiscal 2026, general fund revenue is projected to total over $1.26 trillion, an increase of 0.7% over preliminary actual revenue collections for fiscal 2025. When compared to original revenue estimates in 2025 enacted budget forecasts, general fund revenues for fiscal 2026 are projected to increase 3.9%. The projected general fund revenues for fiscal 2026 are higher when comparing original estimates as opposed to the preliminary actual figures for fiscal 2025 mainly due to the actual tax collections exceeding the original forecasts used in the enacted budgets. 

In fiscal 2025, 33 states reported year-over-year increases in their rainy day funds (also referred to as budget stabilization funds). As a percentage of general fund spending, the median rainy day fund balance decreased from 14.9% in fiscal 2024 to 13.1% in fiscal 2025. According to the report, “the decline in the median rainy day fund balance in fiscal 2025 is the result of expenditures growing faster than reserve balances for the average state. Since spending in fiscal 2025 was still affected by one-time expenditures, the median rainy day fund balance would be greater as a percentage of ongoing expenditures.” Based on states’ enacted budgets, the median balance is projected to increase to 14.4% in fiscal 2026.   

The full report and summary are available here.