/Bryant to cut budget for second time this year, pull from rainy day fund

Bryant to cut budget for second time this year, pull from rainy day fund

Bryant, who released slim state revenue figures last week, told reporters this morning that Bryant plans to reduce between 0.43 percent-1% on most state budgets during the current fiscal year which ends June 30,. The budget adjustments amount to $35 million. Bryant will also draw $10 million from the $375 million state “rainy-day fund” to offset budget deficits in the current fiscal year. Bryant sent a Wednesday letter to the Department of Finance and Administration, stating that as governor, he is required to impose budget cuts if revenue collections fall below our estimates. Bryant stated that he would not reduce budgets for the Mississippi Schools for the Blind and Deaf or veterans’ affairs. He also said that he will not make cuts to the budgets for the state military, student financial aid, and the Mississippi Schools for the Blind and Deaf. Rep. Herb Frierson (R-Poplarville), House Appropriations Chairman, stated that money was left in the 2016 budget. “We knew this was coming,” he said. “This was completely expected.” Bryant reduced $39.8million from the budget in January and pulled $35.2million from the rainy-day fund. Bryant expressed hope that the cuts would last through fiscal year in a January letter to the Mississippi Department of Revenue. Bryant wrote that “but, additional cuts or transfers to the rainy-day fund may be necessary later.” Sunday and Monday were a scramble by lawmakers to pass the appropriations for next year’s fiscal year. This included cutting already tight budgets for most of the state’s departments and agencies. Some agencies were able to layoff because of the drastic cuts. The Legislative Budget Office has not released a breakdown of the budget for next year. This is because lawmakers were not given accurate information before they were asked to vote. Bryant indicated that he would be studying legislation to reduce taxes in the state by $415 millions on Wednesday. The bill passed both houses and is now waiting for the governor to sign it. Bryant stated Wednesday that he was unsure if he will sign the bill. Lt. Gov. When approached by media, Tate Reeves declined immediate comment Wednesday morning.