Long-Term Budget Planning
According to a new report from the Center on Budget and Policy Priorities, almost every state should adopt a much more rigorous approach to their long-term budget planning. The report ranks the states on the degree to which they use ten tools to help states chart their fiscal course accurately and make mid-course corrections when needed. The ten tools in the report fall into three broad categories: a map for the future, professional and credible estimates, and ways to stay on course. The report's findings show Connecticut, Maryland and Tennessee incorporate most of the ten tools into their budget process. South Dakota, New Jersey and Oklahoma incorporate the fewest. Joy Smolnisky, director of the South Dakota Budget and Policy Project, talked about what the state of South Dakota should be doing to keep on track with their long-term budget process.