Proposed Solution on Budget

Proposal: 
The Ravitch
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.

 

 

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