With the fiscal year closed on July 1st, Governor Brian Schweitzer announced that the State of Montana has a historic ending fund balance of $340 million in the bank. The ending fund balance is the amount of undesignated, unreserved funds remaining at year end after the state pays its obligations.
"This is another banner year for Montana and our fiscal well being. We have $340 million in the bank, and Montana is the envy of every other state in the nation," said Governor Brian Schweitzer. "This is a testament to the hard-working people across the state that, despite the national downturn and the endless debt ceiling debacle, have tightened their belts, buckled down and put Montana in a great position for generations to come."
A recent report by the Center on Budget and Policy Priorities, States Continue to Feel Recession's Impact, indicates that 42 states still face a shortfall in fiscal year 2012, while Montana has one of the highest ending fund balances in the history of the state.
"We set a high financial mark in a tough national economy and the state recently received an AA plus credit rating, the first upgrade in thirty years," said Schweitzer. "For fifteen years Montana averaged just $68 million in reserves. Today we have 5 times that cushion, a solid safety net that is attractive to any business looking to invest."
State revenue continues to be strong. General fund revenue collections in June were the highest in the history of the state and the year over year growth rate for fiscal year 2011 was a whopping 9.55%.