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.)