State Budget, $252 million extra

The new version of the Senate budget released on Monday night still falls far short adequately funding on many programs and projects..

Most of the $252 million in “new” revenue in the 2011-12 fiscal year comes from fund transfers and a smaller tax cut. The biggest sources of additional revenue include:

• Swapping the proposed income tax cut with a broader small business tax exemption ($55 million)
• Reducing the set-asides for Rainy Day Fund and Repairs and Renovations ($96 million)
• Leaving a smaller balance for the second year of the biennium ($58 million)
• Selling state-owned assets ($15 million)
• Suspending the corporate tax earmark for public school construction a year earlier ($72 million)

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