Treasurer Makes Cuts

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State Treasurer Reeves said he'll have to cut agency special funds by $24.9 million to cover overspending in the current fiscal year, which ends June 30.

The first wave of cuts came Monday when he transferred $13.5 million from special agency funds to the state's general fund. Reeves said he'll likely make more cuts in May.

Money for special funds is mostly generated by taxpayer fees for various services. Of the approximately 300 special funds available, 89 were hit with cuts.

One of agencies affected was the Department of Finance and Administration. Reeves cut $2.5 million of DFA's capital improvement fund, about eight percent of the overall fund balance.

Gov. Haley Barbour said he's hoping Reeves won't have to do the same thing next year and is urging lawmakers to control spending.