Administration Acknowledges $796 Million Shortfall for This Year’s Budget
When the governor delivered his proposed budget for the fiscal year that begins on July 1 (FY 2015), he also released updated information on this year’s budget, most importantly acknowledging that the state is facing a nearly $800 million shortfall. Most details on how the shortfall will be offset will remain unknown until the administration releases the data on the underspending and details how it will receive $99 million in added revenue from the tobacco settlement. Until then we don’t know if there are any policy implications or gimmicks being used. The reduction in pension funding for the current year is likely to be part of the solution.
While the administration may actually be underestimating the shortfall, the following set of charts break down the details acknowledged by the administration last month.