Here’s how one state closed their budget gap

by thoughtfulconservative

From TBO.com

By raiding the trust funds and cutting planned spending, the Legislature came up with about $2.5 billion to close the gap in the $66.3 billion budget. That’s a larger amount than expected because tax collections and other state revenue have continued to decline since the deficit was estimated at $2.3 billion.[Emphasis mine]

No new taxes yet they came up with $2.5 million.

  • The Lawton Chiles [former Florida governor and senator] Endowment anti-tobacco fund, from which interest normally pays for child welfare, child and elderly health care programs and anti-smoking efforts, lost $700 million, more than half the assets in the fund.
  • A trust fund intended to provide low-income housing lost $190 million.
  • They made cuts on schools, universities, health care programs, and the judiciary among others.

Transportation fund? Spared.

The budget deficit increase roughly $200 million since the Florida legislature started working on the budget. Will it increase more in this economy?

Wisconsin’s budget deficit is twice as large.

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