I ended up going a different route altogether. This one not only gives me the state totals, it gives me annual totals.
<cfoutput query="by_year" group="proj_year">
<h2>#proj_year#</h2>
<table class="datatable pc100">
<tr>
<th scope="col" width="12%">State</th>
<th scope="col">Name</th>
<th scope="col">Project##</th>
<th scope="col" width="12%">Funding Amount</th>
</tr>
<cfoutput group="name">
<cfoutput>
<tr>
<td scope="row">#htmleditformat(name)#</td>
<td>#htmleditformat(proj_name)#</td>
<td>#htmleditformat(project_no)#</td>
<td align="right">#LSCurrencyFormat(funding_amt,"local")#</td>
</tr>
<cfset total = total + funding_amt>
<cfset ytotal = ytotal + funding_amt>
</cfoutput>
<tr>
<td colspan="3" class="txtbold">Totals for #htmleditformat(name)#</td><td align="right" class="txtbold">#LSCurrencyFormat(total,"local")#</td>
</tr>
<cfset total = 0>
</cfoutput>
<tr>
<td colspan="3" class="txtbold">Totals for #htmleditformat(proj_year)#</td><td align="right" class="txtbold">#LSCurrencyFormat(ytotal,"local")#</td>
</tr>
</table>
<cfset ytotal = 0>
</cfoutput>