Monday, December 15, 2008

State of Iowa Budget In Deficit

$40 Million + $60 Million = $100 Million in Cuts
- To Get Iowa Through Until Next Month -
More Cuts May Come Next Month...

$60 million cut in state spending is on the way after a panel of budget experts projected state revenue for the current budget year may fall nearly $100 million short of previous estimates.

Iowa Gov. Chet Culver’s office said the cuts will include reductions in administrative spending, transfers of unused funds and calls for the Legislature to retract spending it had previously approved.

Culver will unveil specifics on the cuts next week, according to a release from his office on Friday.

The new cuts will come in addition to $40 million in spending reductions Culver announced earlier in the week. A gloomy projection from the state’s Revenue Estimating Conference on Friday is forcing Culver to trim deeper into the budget.
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