Today, the Governor released his proposal for next year's budget. Our First Look examines some of the major initiatives as well as the funding levels for important programs
Faced with a large deficit, the Governor proposes to balance the budget largely through cuts and other savings. This is on top of the $3 billion in cuts and savings which have been enacted over the last four years.
The Governor's Proposal does include modest revenue initiatives--among them a proposed increase in the cigarette tax and the end of the sales tax exemption for candy and soda. It also makes use of one-time resources, primarily from the state stabilization fund (the "rainy day fund").