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On July 10, 2002 the Emergency Board convened to receive estimates
of state revenues. To Gov. Howard Dean's right are Finance and Management
Commissioner Sean Campbell; Rep. Richard Westman (R) of Cambridge, Chair
of the Committee on Appropriations; Rep. Richard Marron (R) of Stowe, Chair
of the Committee on Ways and Means; and Sen. Peter E. Shumlin (D) of Windham
County, Chair of the Committee on Finance. To Dean's left are Office
Manager Janis Carrier; Kathy Hoyt, Dean's Secretary of Administration since
1997 (chief of staff from 1991-97); and Sen. Susan Bartlett (D) of Lamoille
County, Chair of the Committee on Appropriations.
After hearing from economists Thomas E. Kavet (bearded) and Jeffrey
B. Carr, the Board adopted an estimate of $852.0 million for FY 2003 General
Fund revenues. (In January, when the Board last met and when Dean
presented his budget, the estimate was for General Fund revenues of $893
million. A previous forecast put the number at $950 million).
As a result of the revenue shortfall, the administration must develop proposals
for $38 million in cuts in the FY 2003 budget. The proposed cuts
will be presented to the 10-person Joint Fiscal Committee in mid-August
for its approval. |
