Rep. Ron Bigelow, Co-Chair of the Executive Appropriations Committee, released the new revenue projections for FY10 and the revised numbers for FY09.  (FY09 budget ends June 30, 2009 and FY10 budget begins July 1, 2009 and ends June 30, 2010)  What does this mean to current budgets address by the legislature to date?

With FY09 shortfalls at <$171 million>, that’s a shortfall in the Education Fund of <$120 million> and a shortfall in the General Fund of <$51 million>, this  means that because the Supplemental Budget Bill for FY09 has already been signed by the governor, the legislature will need to go back to the FY09 budget and make additional ONE-TIME CUTS (or backfill) of <$171 million>.

With shortfalls of <$320 million> in FY10 projections, the legislature is in a “pretty good” position to accept current budget cut recommendations of 15% already addressed in the appropriations sub-committees that met during the first three weeks of the General Session…that’s <$124 million> from General Fund and <$196 million> from the Education Fund.