April 30, 2010—Issue 13

Budget Resolution a Mystery

…..Next Stop Adjournment?

With just one week left before the Legislature’s scheduled May 7th Adjournment, rumors are flying as to what if anything may be included in the FY 11’ Budget.  This week brought more budget meetings amongst legislative leadership but no clear picture as to what components will be included in any potential budget package.  Amongst the ideas being discussed include higher taxes on cigarettes, a tax amnesty program, additional borrowing from restricted state funds, selling off of future tobacco settlement proceeds and giving additional powers to the Governor and his state agency directors to make unilateral cuts in various state programs.  All or a mix of these ideas as well as previously the discussed business tax law changes and the Governor’s 1% Income Tax increase remain on the table.  There seems to be no clear picture at this point of what any final budget package will include but as often happens in Springfield at this time of year, things can change in an instant and TFI will bring you all the details!