|
|
|
 |
|
|
06.29.09 Budget round-up I: The legislature acts The 2009-11 state budget that passed the legislature had virtually no net ending balance—$149,100, or .01% of net spending. Whether the budget stays in the black rests on the timing and strength of a recovery and on the financial decisions that individuals, investors, and firms make in response to the budget’s tax hikes. Under threat of losing federal funds after June 30, the state legislature passed with slim, partisan majorities a 2009-11 state budget on June 26. All that remained at press time was for the governor to announce his partial vetoes and to sign SB 75 into law. Biennial budgets are rarely enacted before a new fiscal year begins on July 1, though state officials typically complete their work within weeks of the supposed deadline. Long delays have occurred when the two major parties have split control of the legislature (e.g., the October 2007 enactment of the prior budget) This year, with one party in charge of the governor’s office and both houses of the legislature, the state’s tax-and-spending plan for the next two years moved quickly through the legislature’s budget-writing Joint Committee on Finance (JCF) and the two houses. The only slowdown came when the two houses had to reconcile their differences...
Excerpt from the "Focus" t
|
|
|
About WISTAX | News Releases | Publications | Services | Resources | Facts & Figures | Join Us! |