Word: budgeted
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Dates: during 1990-1990
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...suffering the full impact of the taxpayers' revolt of the 1980s. Proposition 13, the 1978 referendum that froze property taxes at 1% of assessed value, depleted county treasuries, leaving the state to pick up the bills for things like schools and welfare services. Now California faces a $1.5 billion budget gap that is expected to swell to $6.5 billion by 1994. Incoming Governor Pete Wilson is refusing to rule out the possibility of higher taxes. But he also wants more freedom from constraints imposed by the state constitution and voter initiatives and laws that earmark much of the budget...
...Then recession hit, the shopping spree ended and sales- tax revenue was reduced to a trickle. For this fiscal year, Connecticut is looking at a $500 million shortfall, which is expected to triple in the next. That would amount to 20% of the state's projected $7.9 billion budget for fiscal 1991, proportionately the highest deficit acknowledged so far by any state. Governor-elect Lowell Weicker, who has asked all state agencies to propose budget cuts of up to 20%, is thinking of the unthinkable: an income...
...react fast enough. Facing a $1 billion deficit, the state legislature met in special session two weeks ago to adopt a package of cuts that nibbled at school spending and hospitals. When Cuomo took off for ^ Washington three days later to deliver a speech that warned about federal budget deficits, he may have hoped his troubles were over for a while. No such luck. On the same day Republican state comptroller Ned Regan announced that because revenue projections had been too optimistic, the state was still facing a budget shortfall of $500 million...
Officials from many states complain that Washington is making their problems worse. Two weeks ago, lawmakers who assembled in the capital for the National Conference of State Legislatures claimed that the recent budget compromise between the White House and Congress would cost the states an additional $17 billion over five years. Reason: federal mandates in the deficit-reduction deal direct states to spend money for such things as clean air and improved nursing-home care. The group also predicted that the increase in federal taxes on gasoline and alcohol would make it harder for states to increase their own levies...
...Hutchison, a senior policy specialist with the group. "We need to strike a balance to determine which revenues will fund which services at which level of government." In the short term, state lawmakers -- and state citizens -- will have plenty of opportunity to learn another dismal equation of the new budget math: lower revenues plus higher spending obligations equals big headaches...