This document presents aggregate and individual data on the states' general fund receipts, expenditures, and balances. Findings, focusing on the period from fiscal 1993 to fiscal 1995, are based on a survey completed by Governors' state budget officers throughout the 50 United States and Puerto Rico. Six chapters, following the preface and executive summary, present data on the nation's economic background, state expenditure developments, state revenue developments, year-end balances, regional fiscal outlooks, and strategic directions of the states. Key findings include the following: (1) states limited their general fund budget growth to 5 percent in fiscal 1994 and estimate budget growth at 4.9 percent for fiscal year 1995; (2) changes in net taxes and fees are expected to decrease fiscal 1995 revenues by $2.6 billion; (3) states' fiscal 1995 budgets include an increase of 5.6 percent over fiscal 1994 tax collections; (4) year-end balances for fiscal year 1993 through fiscal year 1995 range from 3.5 percent to 4.3 percent and are well above the 1.1 percent year-end balance that occurred in fiscal year 1991; (5) the continuation of more stable economic growth nationwide has narrowed the gap among regions, though states in the Plains, Rocky Mountains, Southeast, and Southwest regions experience the most rapid economic growth; and (6) states are moving aggressively to restructure services, ranging from rethinking welfare programs, establishing performance-based budgeting, to merging state functions. Ten tables, 4 figures, and 13 appendix tables are included. (LMI)