Agenda - 02-18-2002 - 1 - Laserfiche WebLink

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WHEREAS, continually surveying the collection of tee Slate's revenues pumwnt in Anicle III See_i (3)oftha Cohtdion is a normal fatigue of the oftte of state Budget and Management(OSBM)end repatls on its surveys me Malted lawinely by the Governor;and, WHEREAS, OSBM how provided the,Governor with detailed wallop on the grwAng fiscal paned deficit and,along frith he Office of Nc Governor,has also advised memMrs office Central Assembly of the situation, including the limaidenf Ikoiemlum of Be Senate and the Speaker of the Houst of Representatives;and, WHEREAS,on Ocmb¢31,2001,OSHM,at fee direction of the Governor,noticed state agency expadithaw fm the remainder of the fiscal year,and, W}IEREAS,as detailed in a memswdum to the Oovnnor Gam OSBM dined Febrwer 0,2002, OSBM mimates, in light of Ianuery 2002 collections and new cwnomio forecasts, a growing substantial deficit for hand yew 2001 O2 Nat will not be covered by the reduction in expendtmemessmes adopted an October 31,2001;and, WHEREAS, in light of OSBM eatimrtza, Nc budget ancient by the Gmmal Asmmbly fm fiscal year 2001-02 owed be administered as analog withom Ne State incurring a deficit in its administration;and, WHEREAS,it is found as afact that based on Geneal Fwd fnvenue aglamiee through January 31, 2002, and projections rut these revenues dwough Iwo 30,2002, want receipts foe the current fiscal year wall am meet the exl i nditmes anticipated mmd budgeted by the 2001 General Assembly:and, WHEREAS, from this fact it is determined and concluded cast unless debts economies in Stine expenditures are made,tae State's General Fund expend sate will cowed General Fwd r s,for the concert fiscal year