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Red ink comes early in new state budget

The East Valley Tribune

The newly enacted state budget may already be in the red. New figures from the Joint Legislative Budget Committee show that the state was headed into the end of the last fiscal year with $140 million less in revenue than anticipated.

The problem is that lawmakers were counting on that cash to balance the new budget. And that budget has little room for error: It presumes the state will have just $1 million left over on June 3, 2008 — a margin of less than 1/100th of a percent of the $10.6 billion budget.

What’s worse, according to Rep. Russell Pearce, R-Mesa, is that lawmakers — and the governor — got an advance preview of the new report. Pearce, who chairs the House Appropriations Committee, called the new budget “dishonest.”

Posted by Editor at July 7, 2007 04:27 PM

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