February 17, 2009 More State Revenue Shortfalls
As expected the state received more bad news today regarding the budget. February FY2009 revenue is down $171 million, while ongoing revenue for FY2010 is down $235 million according to the latest numbers. This of course is all on top of the $365 million the Legislature has already cut from the FY2009 budget. And the shortfall for FY2010 is going to be well over the $300 million mark. There are a number of news articles about these budget numbers…here are a few:
- State revenue picture turns more gloomy (DNews)
- No tax hike as Utah lawmakers face $235 in new red ink (SL Trib)
- State revenue short $320 for FY2010 budget (KSL)
- Summary of budget numbers through February (Senate Site)
We will try to keep you posted on what happens with the Federal stimulus package that President Obama signed into law today. There is an interesting article about this in today New York Times: State and Cities angle for stimulus cash.