Henry Raymond
Fairfax News => Political Issues/Comments => Topic started by: Carolyn Branagan on August 06, 2009, 07:04:27 AM
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So once again the Joint Fiscal Committee is faced with a revenue downgrade. This should not come as a surprise to anyone, and I resist the temptation to say 'I told you so'.
At the Joint Fiscal meeting yesterday held at the Vermont statehouse, members listened to Secretary of Administration Neale Lunderville and Commissioner of Finance Jimmy Reardon review plans for reducing another $28 million from the state's FY2010 budget. Earlier in the summer economists pointed out that state revneues were continuing to trend downward. I expect there will be at least one more downgrade in fiscal year 2010.
The good news was that legislative leaders had worked together with the administration to come up with these ideas to further reduce the budget. They looked for common ground, found it and determined to move ahead in the best public interest.
Protection of the economic security of Vermonters is one of government's most important responsibilities. State government faces a shortfall of $259 million for fiscal years 2010, 2011 and 2012. All seemed to agree that spending down the cash reserves in the rainy day funds is not a good idea.
The plan presented yesterday includes a total reduction in General Fund appropriations of nearly $11 million, labor reductions of $7.4 million, cash carry forward of $7 million and fund transfers of $3 million. The details of these reductions are available on the Joint Fiscal website at http://www.leg.state.vt.us/jfo/ .
There will be a public hearing at the statehouse on these cuts August 18 starting at 12:30pm. For more information contact me at cbranagan@leg.state.vt.us
Representative Carolyn Branagan
Franklin-1, Fairfax/Georgia
Vermont House of Representatives