Chainsaw massacre continues; Barbour cuts $40 million from budget
by Clay Chandler
Published: March 17,2010
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.
For complete story see Magnolia Marketplace.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Fervor grows for Tuscaloosa Marine Shale
- Click Boutique revives Hattiesburg downtown retail district
- Mississippi Power CEO's departure due to withholding Kemper information from regulators
- Hosemann revels in victory over Court's redistricting ruling
- LNG facility hoping to begin exporting natural gas
- Nullification and interposition
- Tenn. company makes unspecified offer to lease hospital
- Airport's food irradiation business could create new jobs
- In wake of bond issue failure, golf course fights to stay playable