While Gov. Scott's proposed budget will not be fully revealed until 4:00 p.m. today, the governor provided additional details last week regarding the broad outlines of his proposal. The proposal would purportedly save nearly $3 billion over two years by significantly altering retirement benefits for state workers by requiring all workers to contribute five percent of their salary toward their retirement, placing all new workers into a defined contribution plan, eliminating the Deferred Retirement Option Program and eliminating the fixed cost-of-living adjustments provided to retirees receiving pension benefits. Earlier last week, Gov. Scott proposed transferring a number of government functions among various agencies to save nearly $1 billion annually. In total, the governor is aiming to reduce the state budget by approximately $5 billion, while providing nearly $2 billion in tax relief by reducing the state-imposed required local effort, or RLE, property tax rate for schools and reducing the corporate income tax rate. Throughout this week, the governor's staff will present his budget proposal in various House and Senate appropriations committees.
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Gov. Scott releases additional proposed budget details, aiming to cut spending by $5 billion
- Foley & Lardner LLP
- G. Donovan Brown , Jonathan P. Kilman, Michael P. Harrell, Paul W. Lowell , Robert H. Hosay and Thomas J. Maida
- February 8 2011
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