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JFAC has decided to provide several “tools” to Gov. Butch Otter to use if state revenues continue to slip this fiscal year after lawmakers leave town. “We’re looking at 2009 - we’re going to be out of here before it ends,” Co-Chair Maxine Bell, R-Jerome, said. “But we want to make sure that what we leave in place will be adequate to get through that budget year.” Co-Chair Dean Cameron, R-Rupert, said a written agreement reached earlier between the JFAC co-chairs and the governor “included providing necessary resources so that the governor could handle it should the economy continue to falter through fiscal year 2009.”
The governor would first tap the remaining unappropriated year-end balance and reversions, but if needed, he could tap into the state’s budget stabilization fund and the public education stabilization fund - two major state reserve funds - up to 50 percent of their balance, with the approval of the state Board of Examiners. Cameron said the “tools” equip the governor to handle an additional economic downturn of up to $200 million. If it’s more than that, he said, “We probably ought to be called back into session.” The plan won unanimous JFAC approval.
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