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Article Posted February 21, 2009

Perdue Proposes Additional 1 Percent Cuts to USG Budgets

With Georgia tax collections dropping precipitously, Gov. Sonny Perdue proposed additional cuts to the state’s Fiscal Year 2009 Amended Budget and FY 2010 Budget, but said much more drastic cuts would have been necessary if not for approximately $1.1 billion in federal stimulus funds Georgia will receive.

Even with the extra stimulus money, state agencies are facing more than $2 billion in spending cuts this year. Faced with a 14 percent drop in net revenue collections in January and a nearly 35 percent drop in February, Perdue scaled back the state’s revenue estimate for the remainder of FY 2009 by $450 million and the estimate for next year by $1.62 billion.

For the University System of Georgia (USG), this action necessitates additional 1 percent budget cuts – an additional $20.4 million for FY 2009 and $21.8 million for FY 2010. This brings the cumulative cuts for the University System to 10.5 percent for FY 2009 and 11.5 percent for FY 2010. The $1.1 billion in federal stimulus money comes from “stabilization funding” designed to fill holes in state budgets.

Posted by John Vanchella
Published in: Board of Regents

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