December 18, 2007
Baldacci orders immediate spending reductions
Governor John Baldacci this morning issued an executive order for all state agencies to reduce the rate of spending for the current fiscal year by $38 million.
The order, called a curtailment, will ensure the state finishes the fiscal year with a balanced budget. In November, the state's Revenue Forecasting Committee announced a $95 million revenue downturn for the two-year budget period. The curtailment order is temporary and serves to reduce the rate of spending until a supplemental budget can be passed to address the predicted revenue shortfall, according to a press release.
"Until the supplemental budget is passed, the curtailment will ensure our spending doesn't exceed our revenues," Baldacci said in the release. "Right now, we have more money going out the door than we have coming in. That can't continue. We must live within our means."
The order, called a curtailment, will ensure the state finishes the fiscal year with a balanced budget. In November, the state's Revenue Forecasting Committee announced a $95 million revenue downturn for the two-year budget period. The curtailment order is temporary and serves to reduce the rate of spending until a supplemental budget can be passed to address the predicted revenue shortfall, according to a press release.
"Until the supplemental budget is passed, the curtailment will ensure our spending doesn't exceed our revenues," Baldacci said in the release. "Right now, we have more money going out the door than we have coming in. That can't continue. We must live within our means."
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