Governor Lincoln Almond on Monday announced a series of proposed budget amendments designed to remedy most of an anticipated budget shortfall in the current fiscal year.
Recommended reductions in expenditures include freezing the level of motor vehicle excise tax exemption at $3,500 of value, resulting in a cost reduction of $33.2 million, along with delaying spending on a number of new capital projects totaling $17.4 million. The governor also wants the state to get a bigger cut of video slot machine revenues.
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The FY 2002 shortfall is currently projected at approximately $70 million.
“When I signed the FY 2002 budget in July, I noted my grave reservations about under-funded items and clear indications that the next fiscal year would present even greater problems,” said Almond.
