A state's budget reveals how much the legislature is willing to spend. It does not reveal how much money the states has hidden in secret bank accounts.
When the state spends more than what they have allocated in their budget they can transfer funds to cover the deficits or raise taxes.
If the people in your state passed a referendum that prohibited the state from borrowing money it would end the necessity of the state to tax the people.
Comprehenisve Annuual Financial Reports
Replies