Findings of the 1992 Fiscal Survey of the States, published biannually are presented in this document. The survey presents aggregate and individual data on the states' general fund receipts, expenditures, and balances. Although not the totality of state spending, these funds are used to finance most broad-based state services and are the most important criteria for determining fiscal health. Following the preface and executive summary, chapter 1 examines the relationship between the national economy and state revenues. Despite the overall slow economic growth, states' economic conditions are diversified. Chapter 2 examines developments in state spending and presents strategies for budget adjustment. Information on state revenues is provided in the third chapter, which shows how states' revenue growth for 1992-93 is substantially less than the growth seen during the 1979-93 period. Chapter 4 demonstrates how states' year-end balances have dipped dramatically and are inadequate to address unforeseen circumstances. Variations in regional financial outlooks are described in the fifth chapter, and the strategic directions of states are identified in the sixth chapter. New policy directions fall into two main areas: statewide management change and health care reform. The document concludes that weak revenue growth and mounting demands for government services, such as health care and education, will continue to place pressure on state budgets throughout the 1990s. Four figures and 10 tables are included. The appendix contains 12 tables. (LMI)