Friday, September 05, 2008
State Budget News - Bad to Worse
Bad budget news swept across Annapolis this week like waves from an approaching storm. Last week, Warren Deschenaux, the General Assembly’s top fiscal advisor, wrote to legislative leaders that the Governor could face a nearly $1 billion budget gap when putting together his FY 2010 state budget next January. Comptroller Franchot released fiscal year 2008 close-out data showing a $73 million reduction in year-end state fund balance.
Yesterday, the Commission to Study State Retiree Health Care Funding announced that the state’s unfunded liability for employee health insurance costs had increased from $14.5 billion to $15.2 billion in one year. Next Tuesday, the State Board of Revenue Estimates is expected to announce a significant write-down in state revenues for this year and next. Contact Ron Wineholt for further information at .(JavaScript must be enabled to view this email address).
