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2008 Budget Summary
$600 million Fund Raids - $500 million in fund raids (requires legislation)
- $100 million in Chargebacks (law expired – requires legislation)
Business Taxes - $1.25 billion - Annualized $1 billion in business taxes - 3% payroll tax
- $250 million in business taxes in FY08 (requires legislation)
Riverboat Taxes - $250 million
$250 million to change current boat tax from 15% -50% to 46%-70%.
Borrowing – Up to $37 billion - Lease of Lottery for $10 to $12 billion (requires legislation)
- Sale of $12-$20 billion in pension bonds to restructure payment schedule (requires 3/5ths vote)
- Securitize Tobacco proceeds for $1.2 billion
- $3.8 billion bonded projects, requires Road Fund balance to pay for $2 billion (3/5ths vote required)
- $4 billion of Lottery to go to Trust to earn 6.5% interest for Education
Items not Listed in Budget - $40 million from Sale of State assets – not identified
- $50 million from fed economic stimulus package
- $70 million in across the board cuts that are not identified
- $25 to $30 million in increased DNR fees – not identified
- Need $150 to $200 million recurring revenue stream not included in the plan
- Others?
One-Time Revenues – At Least $2.36 billion - $1.2 billion from securitizing Tobacco Proceeds (requires legislation)
- $500 million in fund raids (requires legislation)
- $40 million from Sale of State assets?
- $50 million from fed economic stimulus package
- $575 million from sale of 10th boat license
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