The first funds from the federal stimulus package are now coming in to state coffers, and Governor Douglas and lawmakers have differing plans to spend the money, specifically the $94 million in State Fiscal Stabilization Funds. Eighty-two percent of that money must be spend on education, but the remainder can be allocated elsewhere.
The governor s plan focuses on economic development. The majority of it will go to the Vermont Economic Development Authority, charged with allocating it to in loans to qualified in-state businesses. That money invested during 2010 and 2011 is expected to leverage $160 million in loans, working capital and business investments. Some of the investment areas stipulated include a technology loan program, assistance to farms and entrepreneurs, industrial renewal, and tourism.
An alternate plan, put forward by the House, proposes to spend at least half of the $17 million on public safety, which some say would free up state money to cover expenses that might not qualify for stimulus funding. As of Friday, lawmakers had not identified specific programs the money would fund.
Governor, Lawmakers outline different plans for stimulus money
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