October 28 2008
FROM THE INTRODUCTION:
This Mid-Year Financial Plan (the “Mid-Year Financial Plan”) revises the State’s fiscal projections for the 2008-09 through 2011-12 fiscal years that were set forth in the First Quarterly Update to the Financial Plan (the “First Quarterly Update”) dated July 30, 2008. The revised Plan reflects (a) updated estimates of receipts and disbursements based on DOB’s1 revised economic forecasts for the nation and State, operating results through the first six months of fiscal year 2008-09, and a comprehensive review of factors affecting the long-term current-services forecast; (b) the estimated impact of cost-saving measures approved by the Governor and Legislature in August 2008, after the issuance of the First Quarterly Update; and (c) the status of actions to reduce State operations spending that were instituted earlier in the fiscal year.
The Mid-Year Financial Plan is intended to assist the Legislature and the public in understanding the current operating forecast and the impact of the budget on State finances over a multi-year period. Except where noted, the information is presented on a cash-basis of accounting.
See also Governor’s Press Release November 12, 2008: