On October 28, the New York State Division of the Budget (DOB) released its State fiscal year 2003-04 Mid-Year Financial Plan Update. In the report, DOB projected that the State government's budget will be in balance for the remainder of the current fiscal year, which ends on March 31, 2004. DOB credits Federal relief in the form of a temporary increase in the State's Medicaid matching rate as well as other unexpected Federal funding for this year's balance. However, DOB projects a large budget deficit of $5-6 billion in State fiscal year 2004-05, which begins on April 1, 2004.