State Revenue Figures Revised Downward

Governor Phil Bredesen says state economists have revised revenue estimates for next year and taken 130-million dollars out of an already downsized budget.

“I’m looking at having to cut the budget another 4-500-million dollars. Those are the kind of numbers we’re talking about. You don’t do that without some pain, and I’m going to have to do some sail trimming and maybe some tossing of baggage overboard to keep the ship afloat.”

Bredesen says the state is in a far better financial condition than when he came into office in 2003. He says there’s no need to dip into the state’s reserve funds, though he adds that’s possible if current economic conditions continue through next year.

The governor spoke this morning at an event put on by Pre-K Now to honor his commitment to expanding early education in Tennessee. In January, Bredesen proposed adding 25-million dollars worth of Pre-K classrooms. Today, he says the growth will be considerably less but that he’s willing to see heavy cuts in other areas to fund education.