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STATE HEADED TOWARD BIG BUDGET SHORTFALL
Wednesday, February 6th, 2008 -- 10:06 am
Posted by Riley Hebert-News Director
A new projection shows that the state's cash balance could be nearly $1 billion short in June.
That could force the state to borrow from other funds or perhaps prorate other payments to local governments and others.
While it is common for the state's general fund balance to dip below zero in months when large bills are paid, the deficit for June was projected to be unusually large at $944 million.
State budget director David Schmiedicke says he is concerned with the prediction and it reflects weak December tax collections.
The memo was delivered to the Legislature's budget-writing committee by the state Department of Administration this week.
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