State Treasurer Scott Meacham has announced a revenue shortfall.
This means something more than just the obvious dearth of funds, as Mike McCarville explains:
The state constitution requires the legislature to appropriate no more than 95 percent of the state’s estimated revenues. If actual revenue collections are less than the amount appropriated, there is a “shortfall” and the constitution requires that all appropriation allocations be reduced across-the-board by the amount of the shortfall.
The amount of the shortfall: $6.8 million. Meacham says he’s hopeful:
“Fortunately, the shortfall is relatively small only 0.1 percent on an annual basis. I am hopeful most agencies will be able to minimize the impact by using unspent funds from earlier in the fiscal year.”
For those who live in Certain Other States, “unspent funds” are funds that have not yet been spent, hence the name.