Recent State Budget Predictions Too Optimistic
Posted: July 26, 2002 at 1:00 am, Last Updated: November 30, -0001 at 12:00 am
Gov. Mark Warner has announced that general fund revenue collections for the fiscal year ending June 30, 2002, fell $237 million short of the forecast for the year, and that shortfall will have an impact on the appropriations in the 2002-04 biennial budget. Thus, previous forecasts for FY 2003 and 2004 are too optimistic.
In response, the secretary of finance is beginning an immediate and formal re-forecast of general fund revenues for the 2002-04 biennium, and state agencies, including George Mason, will be advised of further actions they may need to take to address the problem.
Effective immediately, Warner has asked that all state institutions be accountable for monitoring their expenditures to ensure that “only the most essential items relating to the core services” of the institution are funded.
For more information, contact Barbara Maddox at (703) 993-8752 or firstname.lastname@example.org.