NASHVILLE, Tenn. (AP) -- The state Funding Board has adopted revenue projections that assume the state's general fund budget shortfall could plummet more than $1 billion by the end of June.
The panel agreed Friday that the budget gap is likely to range between $885 million and $1.02 billion this fiscal year, and that the revenue picture will improve only marginally for next year.
State Finance Commissioner Dave Goetz calls the shortfall unprecedented. He says that up to 20 percent spending cuts will be required from most departments to help bridge the gap.
Democratic Gov. Phil Bredesen plans to unveil his budget plans the second week of February.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.