Budget Shortfalls Concern Senators

The governor’s financial team presented its proposed fiscal year 2025 executive budget to the Committee on Budget, Appropriations, and Finance on Tuesday. Senators were not happy with many of the projections.

Sen. Donna Frett-Gregory used the words “very concerned” several times during the hearing when referring to revenue projections. She said the team was not addressing revenue shortfalls and added, “The cycle continues.” She noted that funds had been appropriated this year for retirees to be paid retroactive pay owed to them, but the government has never paid that debt.

The budget, as presented by Kevin McCurdy, commissioner of the Department of Finance, included increased revenues from disaster recovery projects going into construction in the upcoming year. Frett-Gregory pointed out that because the projects were government projects, gross receipts taxes would often be excused. Sen. Dwayne DeGraff said about the budget proposal, “The math is just not adding up for me.”