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percent — in May from the same month the year girding legislators for what they expect will be anothee round of cuts innext year’s fiscal With the state most of the way throughn a fiscal year that ends on June 30, no more cuts are likely for this year, said Joint Budget Committe e Vice Chairman Jack Pommer, a Democratic representative from The Legislature has designated that any further funding shortfalk this year will be filled by money from the state’d undesignated reserve fund and from a one-day borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations meanw the six JBC members who setthe state’s budget must begin looking soon at additional ways to scal back expenses or services in next year’s fiscal plan, several members said. “I guess this means we’res not out of the woods Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’vwe already made.” Legislators filledc a $1.4 budget shortfall over the past six months by raidin the reserve funds, transferrinfg hundreds of millions of dollars from cash-fundedd accounts and cutting abourt $300 million in services.
As revenues continude to come inbelow forecast, that talk will begijn again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last Individual income taxes fellby $66.3 million or 19.7 and corporate income taxex dropped by $2.2 million or 13.2 State reserves have about $148 million that can be used to offseg revenue shortfalls, noted Rep. Mark Ferrandino, If the state must transfer funding however, that will only push the problejm of balancing the budget further off untillnext year, he “The question is: Does revenue in the futuree pick up if we’re starting to see or not?” Ferrandino said.
“We’re starting to see some indicationsa that the economy is startingto recover, if not level
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