That pretty much sums up all of the news coming out of the State Funding Board meeting I am currently sitting in on. Tax collections are projected to be waaaay down. The numbers are still coming in but the governor and lawmakers are looking to have to cut $271 million dollars from the current budget and a $413 million dollars from the proposed FY08-09 budget. That said, an economist from UT-Knoxville is projecting a $560 million dollar shortfall.
Still waiting to hear lottery estimates for the next year. I will update with more information later.
