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

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

3. 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.
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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

4. Lottery Projections
Billion
Source: Lottery Estimating Conferences

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

6. 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

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

8. 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.