Sunday, January 06, 2008
Kentucky Gov Beshear Announces Sweeping Budget Cuts In Order to Overcome Huge Deficit.
Last week Kentucky Governor Steve Beshear announced a budget reduction plan ordering cost saving measures.
Beshear announced that Kentucky is facing an overall money shortfall of $ 431 million. Including a deficit of $ 265 million in the current fiscal year which ends at the end of June.
The $265 million shortfall for the current fiscal year will come from a budget surplus of $ 145 million, unbudgeted excess funds of $ 42 million. Lawmakers will have to slash another $ 78 million.
The projected shortfall of $ 166 million for the 2008 budget year will come from:
Reducing the state workforce through attrition
Reducing travel expenses
Implementing energy saving measures
Printing costs will be cut back in every agency
Acceleration of the sale of surplus property
A moratorium is being placed on all purchases of furniture and equipment
Contracts will be reviewed.
The governor will present his proposed 2008-2010 budget to the General Assembly on Jan. 29th.
Beshear announced that Kentucky is facing an overall money shortfall of $ 431 million. Including a deficit of $ 265 million in the current fiscal year which ends at the end of June.
The $265 million shortfall for the current fiscal year will come from a budget surplus of $ 145 million, unbudgeted excess funds of $ 42 million. Lawmakers will have to slash another $ 78 million.
The projected shortfall of $ 166 million for the 2008 budget year will come from:
Reducing the state workforce through attrition
Reducing travel expenses
Implementing energy saving measures
Printing costs will be cut back in every agency
Acceleration of the sale of surplus property
A moratorium is being placed on all purchases of furniture and equipment
Contracts will be reviewed.
The governor will present his proposed 2008-2010 budget to the General Assembly on Jan. 29th.
# posted by Joe Kinzer @ 7:04 AM 
