Governor Tico Perez, Chair

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Presentation transcript:

Governor Tico Perez, Chair Budget Committee Governor Tico Perez, Chair June 19, 2008

General Revenue (GR) Projections Billion $6.4 B less than 06-07 Source: GR Estimating Conferences

GR Collections Continue to Fall Below the Projection Million Nov. Projection March Projection Est. On this slide, looking at the left hand portion under november projections you can see that actual collections were under last novembers revenue projections. In March, the estimating conference lowered the revenue projections and you can see that revenues still continue to come in under those lowered projections. This continued shortage of revenue will eat into the $322.5 M the legislature had planned on having in reserve by june 30. so there will be less reserves heading into the next fiscal year. ******* Governor can dip into the lawton chiles endowment fund ($1 B) and ½ of the budget stabilization fund ($.7 b) for total of $1.7 B Revenues continue to decline even though tourism was up the 3rd quarter by 3.4% Auto related sales are the weakest (5.4% or $16 M). Consumer durables are down by 8% ($11 M) definition long-lasting household items: items that last a relatively long time and are purchased infrequently, e.g. computers and washing machines

Lottery Projections Billion Source: Lottery Estimating Conferences

Lottery Collections Fall Below the Projection Nov. Projection March Projection Million

1% per quarter ($24 M) holdback of general revenue & lottery. Holdback of Funds Effective July 1 1% per quarter ($24 M) holdback of general revenue & lottery. Potential $96 M SUS Budget Reduction. Potential $200,000 Board Office Reductions

SUS GR/Lottery Appropriations Billion Core funding per student will decrease 5.5% to $11,658. Before cuts After cuts

SUS 2008-09 Budget Request vs. Actual Appropriation Requested: $450 M increase in State funds. Received: $128 M decrease in GR. $68 M increase in Lottery funds. Medical education initiatives partially funded. No funding for student access. No funding for major gifts or performance incentives.