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January 16, 2008

Governor has a plan to close the $150 million deficit

Governor Carcieri tomorrow will forward the General Assembly his fiscal 2008 supplemental budget plan, which he said will rely mainly on spending cuts in eight areas, to shore up a projected $151 million hole in the current year's state budget.

This fiscal year ends in June. A news release from the governor's office today did not elaborate on the eight areas for which the Carcieri administration will proposed spending reductions.

“With less than six months left in the current fiscal year, we are required to take some difficult steps to quickly resolve a projected $151 million budget shortfall,” Carcieri said in the statement.

Carcieri said his staff has already reached out to Democratic and Republican legislative leaders to talk about the options and some of the plans his office is considering.

“Based on those meetings, I believe that the General Assembly recognizes the severity of the budget problem and is willing to work with my administration to craft a solution," Carcieri stated.

Carcieri said the shortfall mainly came about because of a fall-off in state revenues such as taxes and lottery proceeds and in projected caseloads in some state financed programs.

The Governor’s plan to resolve this shortfall, which he presents tomorrow, will rely largely on spending reductions in eight specific areas.

-- projo.com staff writer Michael P. McKinney

Posted by Mike McKinney  at 5:23 PM | Permalink

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Knneth W. Potts | January 16, 2008 7:37 PM link

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