Mississippi Gov. Promises Veto of Reserve Spending Plan

Sigo, Shelly
April 2003
Bond Buyer;4/2/2003, Vol. 344 Issue 31606, p4
Trade Publication
Mississippi legislators on March 31, 2003 used much of the state's reserves to build the 3.6 billion dollar budget for fiscal 2004, a move which potentially places pressure on the state's credit rating. Governor Ronnie Musgrove said he would veto the Legislature's budget plan, setting the stage for a major disagreement with five days remaining in the legislative session. Musgrove had proposed a 3.45 billion dollar spending plan based on 2 percent projected growth in revenues. The legislative budget is contingent on the passage of SB 2542, which amends the state law that currently restricts appropriations to 98percent of revenue estimates plus the prior-year cash balance.


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