Thursday, January 10, 2008

And the hits just keep on comin'

The Pol Watchers blog is reporting that we may not have seen the full extent of the upcoming budget cuts just yet.

State budget outlook worsens

State tax receipts dipped nearly 6 percent in December, raising the likelihood that the state's budget shortfall will grow larger.

Tax revenues have dropped 0.4 percent year-to-date, State Budget Director Mary Lassiter said in a news release. The current revenue forecast calls for General Fund tax receipts to grow 0.8 percent this fiscal year, which ends June 30. To meet that forecast, tax revenues will have to grow by 2 percent for the rest of the year. If that doesn't happen, the state's projected $117.5 million revenue shortfall will grow larger...

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