Doom and Gloom on State Budget

Befitting a year in which the Mayan calendar predicts the end of the world, the Senate Budget & Taxation Committee was briefed yesterday on a “doomsday budget” option for balancing the state budget with $795 million in cuts.  While the occurrence of either event is considered remote, the General Assembly continues to look for elusive majorities that will support a combination of cuts and tax increases. Their job will be made somewhat more difficult given that the Board of Revenue Estimates today wrote down state revenues by $130 million

Some variation of individual income tax increases and teacher pension cost shifts to counties is still considered the most likely avenue to balancing the state budget, with hopefully some of the most objectionable tax increases being removed from the Budget Reconciliation and Financing Act (SB 151). The Senate Budget & Taxation Committee is expected to vote tomorrow on the budget and BRFA bills, with the bills being up for debate by the full Senate next Wednesday. For further information contact Ron Wineholt at .(JavaScript must be enabled to view this email address) .

About Ronald W. Wineholt