Gov. John Baldacci has issued an executive order asking state agencies to cut spending by $63.1 million.
The order to cut spending for the current fiscal year comes as revenues for fiscal year 2010 fall $93 million below budget, according to a press release from the governor’s office. Baldacci said last week he would issue a curtailment order, when dismal October revenue figures grew the two-year budget hole to as much as $400 million.
The state’s Revenue Forecasting Committee will meet today to revise its projections for the two-year budget, and will prepare a final report by Dec. 1. Baldacci will then submit budget revisions to the Legislature that will make additional cuts needed to balance the budget, according to the release.
