Proposed budget cuts if Referendum C were to fail

This memorandum outlines the potential cuts submitted to the OSPB in preparation for the FY 2006-07 budget. Over the last few months the OSPB and the executive departments have collaborated on a program prioritization exercise in preparation for the possible failure of Referendum C. The current revenue projection shows that we must find $365 million in reductions to balance the FY 2006-07 budget.