State Budget Deficit Grows

POSTED BY: News Department
Saturday, June 7, 2003 - 08:53 PM
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A newspaper report Saturday says lawmakers will have to come up with another one billion dollars to balance the proposed two-year state budget that begins July 1st. That’s on top of a 200 million dollar deficit expected as the current budget ends this month. State officials had expected a deficit, saying state income tax collections are likely to be lower than first projected for the next two years. The Columbus Dispatch quoted and unidentified source that says the one billion dollar figure is based on just released deficit projections for 2003. The projection represents two percent of the spending plan and almost equals the 1.2 billion dollars a proposed temporary one-cent state sales tax increase would raise in a year.

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