The Legislature overspent its "special fund" money by $25 million. Now, the treasurer must cut budgets.
For the first time in Mississippi history, treasurer Tate Reeves must cut agency budgets that rely on special funds. He says the legislators are simply spending money they don't have. Now, he's taking special fund dollars and transferring them into the general fund.
Agency heads must now decide how to reduce spending. This could include layoffs. Special fund agencies include the attorney general's office and the Department of Marine Resources.
"If we're going to have budget cuts, I would argue that legislators do it on the front end so that agency heads can plan for this at the beginning of the fiscal year, not in the 10th month of a fiscal year as they're having to do this year," Reeves said.
Reeves says this fiscal year legislators spent $54 million they didn't have.
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