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Senate approves new plan to cover budget shortfall

February 19, 2003
By: Elizabeth Gill
State Capital Bureau

The Senate has a new plan to close the 2003 budget gap, but it still leaves the Governor 82 million dollars short. Elizabeth Gill has the story in Jefferson City:

The proposed Senate plan involves issuing general revenue bonds to raise money to cover the budget shortfall.

The Senate rejected the House plan to use tobacco settlement money.

Senate appropriations chair John Russell says the Senate's plan makes more financial sense for the state:

Actuality:
RunTime: :11
OutCue:
Contents: "As I understand it, the bond merchants, the bond promoters, the investment bankers, they like these kinds of bonds better than they do tobacco securitization.

The proposed Senate plan could save the state over 200 million dollars in interest payments.

From the state capital, I'm Elizabeth Gill, KMOX news.

Lawmakers have proposed a new plan to cover the state budget shortfall, but it still leaves an 82 million dollar gap. Elizabeth Gill has the story in Jefferson City:

The Senate approved a plan to issue general revenue bonds to raise 150 million dollars for the state.

The plan follows the Senate's rejection of the House proposal to use tobacco settlement money to cover the budget shortfall.

Both plans leave the Governor 82 million dollars short, which he has pledged to take from education.

But senate appropriations chair John Russell says the Senate's plan puts the state at less risk.

He says bond promoters and investment bankers like general revenue bonds better than tobacco bonds.

From the state capital, I'm Elizabeth Gill, KMOX news.