Rainy Day Funds Could Save State Budget
August 20th, 2008 by flanewsGovernor Charlie Crist could dip into rainy day funds to help plug a higher than expected budget shortfall. Last week economists estimated a state revenue decline of 1 point 4 billon dollars more than previous predictions. Lawmakers gave Crist permission to tap a billion dollars in reserves to balance the budget. Today Crist told reporters he�s looking at all his options to keep the state�s bank account out of the red.
�You�d rather not have to reduce, but we�ll do what we need to have a balanced budget. Again I want to emphasis we�ll have another estimate in November. Legislature comes back next March, and I�m very grateful to the House and the Senate for giving the executive branch the authority to deal with this so they don�t have to spend more money to come back and do a special session,� said Crist.
Over the past two years lawmakers have cut 6 billion dollars in government spending. Economists say the decline in state revenues could continue for another year.
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