Tuesday, October 14, 2003

Patton orders fiscal review

The Associated Press

FRANKFORT - Gov. Paul Patton, prompted by a revised forecast of the state's likely budget shortage, has asked his budget director for a new review of the state's fiscal condition.

Patton wants to know about any cash shortage state government would experience in implementing the enacted budget for the current fiscal year, according to a statement released through his office Monday.

He also wants to know about agencies that would have available cash, among other things, the statement said.

Acting State Budget Director Mary Lassiter was asked to complete the review and have a report by Thursday afternoon.

Economists who make the state's official revenue forecasts projected Friday that the General Fund would take in $262 million less than the budget for fiscal 2004 requires.

That was $12 million less of a shortfall than the panel - the Consensus Forecasting Group - predicted in August.

The forecasting group is not scheduled to meet again before Patton leaves office on Dec. 8.

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Patton orders fiscal review