State officials are hinting that the revised revenue expectations for the current fiscal year (FY 2010) will be downgraded when the Vermont Emergency Board meets Thursday with the economists representing the Douglas Administration and the Legislature. Already Speaker of the House Smith is asking legislators to look at efficiencies to save upwards of $30 million this fiscal year, while Administration Secretary Lunderville is looking at saving $15 million to $30 million by holding back payments to departments an average of 2 percent (the range he said would be 0-3 percent). Legislators have suggested that the administration cannot do that because it would become a de facto budget cut, which would require legislative approval first. Legislators were also skeptical that more efficiencies could be found given the difficult task of cutting the budget in the first place.
The Emergency Board will meet at 1 pm and hear from economists Tom Kavet on behalf of the Legislature and Jeff Carr for the administration. The Emergency Board is comprised of Governor Douglas and the chairs of the four legislative money committees: Appropriations Chair Senator Susan Bartlett (D-Lamoille), Finance Chair Senator Ann Cummings (D-Washington), Appropriations Chair Representative Martha Heath (D-Westford), Ways & Means Chair Representative Michael Obuchowski (D-Rockingham).
Previous to the Emergency Board meeting on Thursday the Legislative Joint Fiscal Committee, made up of legislative leaders from the House and Senate, will meet at 9:30 am in Room 11 at the State House. During this meeting, Kavet will provide legislators with his revenue report. The agenda for that meeting is attached below.
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Joint Fiscal Committee Agenda283.76 KB