Despite significant efforts to close a more than $1.35 billion budget gap in fiscal 2002, the state's financial leaders have failed to produce a balanced budget or to adequately address the multi-billion dollar financial problems that the state will face over the next several years. With only $600 million in spending cuts, the woefully late budget adopted by lawmakers relies too heavily on the state's rainy day reserves and fails to provide fully for underfunding of legally-mandated spending. While the Governor has proposed deeper cuts, her budget is also out of balance and includes such unwise initiatives as shifting over $100 million of pension costs to future generations.
November 01, 2001
FY Pre-2008
2002 State Budget: Falling Short of the Mark
Despite significant efforts to close a more than $1.35 billion budget gap in fiscal 2002, the state's financial leaders have failed to produce a balanced budget or to adequately address the multi-billion dollar financial problems that the state will face over the next several years. With only $600 million in spending cuts, the woefully late budget adopted by lawmakers relies too heavily on the state's rainy day reserves and fails to provide fully for underfunding of legally-mandated spending. While the Governor has proposed deeper cuts, her budget is also out of balance and includes such unwise initiatives as shifting over $100 million of pension costs to future generations.
