Proposed Solution on Budget
Source of Proposal:Dick Ravitch
Summary of Proposal:
- Lock the State into paying down its existing structural budget gap;
- Require quarterly assessment by an independent review board of the State’s progress towards permanent budget balance;
- Authorize the Governor to implement pro-rata reductions during the fiscal year under limited circumstances;
- Allow the State to borrow within stringent limits to close existing budget gap, but only with approval of the independent review board, and if strict financial controls have been implemented;
- Institute multi-year long term revenue projection and budgeting models and practices.