Scott 2020 revenue deficit plan: borrow from ourselves, pay it back soon – Seven Days

That $190 million revenue hole in the current budget can be filled by borrowing from state reserves and paying them back next year, Gov. Phil Scott suggests. But won’t that make next year’s $430 million deficit even bigger?

"In a presentation to the House Appropriations Committee on Monday, Finance Commissioner Adam Greshin outlined the administration's proposal to address a nearly $195 million deficit in the state's General Fund brought on by the public health crisis. The plan largely relies upon borrowing $138 million from the state's reserve funds — and then paying the money back early next fiscal year. "We're well aware there will be some challenges in [next year's] budget, so we thought we would take it light this year," Greshin told committee members. "And the good news is, we were able to do that.""



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