Gov. Haley Barbour announced today that an additional $41 million was disappearing from the state’s budget for fiscal year 2010 because of spiraling state revenue collections.
Since the budget year started last July, $499.1 million has been cut.
“Hopefully we’re making the last cuts of the year,” Barbour said.
The latest round of cuts comes just a few hours after the Joint Legislative Budget Committee lowered the revenue estimate for FY2010 and FY2011. FY10’s figure was reduced to $4.43 billion, and FY2011 was set at $4.45 billion.
Barbour said he was “skeptical” revenue in FY2011 would reach $4.45 billion. Legislators are crafting that plan now.
Barbour signaled his opposition to any budget that comes to him from the Legislature that would waive the stipulation, commonly called the “2 percent rule,” that sets aside 2 percent of appropriations for the rainy day fund. Legislation that violates the 2 percent rule, Barbour said, can expect his veto.
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