Revenue Report
The Revenue Report for the month of January 2009 dated February 6, 2009 is attached to this Investor Update. On an accrual basis, January is the sixth month of the 2008-2009 fiscal year.
Fiscal Year 2009-2010 Budget
On Monday, February 9, 2009, Governor Phil Bredesen spoke to a joint meeting of the General Assembly of the State regarding the proposed federal stimulus bill and the budget for the State of Tennessee. He said:
"No proposed version of the stimulus bill is any panacea or silver bullet; substantial cuts are still needed under any circumstances, and it's vital to remember that this stimulus money is one-time funds. While there are doubtless states that will use this money to simply push the problem back two years, Tennessee will not do this. When we present a budget in March, we will recognize the money we receive as temporary help, and present a multi-year outline for how we will use these funds to ease the transition from current spending levels to what we anticipate for 2011 and beyond. In other words, we will use them to help soften the landing, not to ignore that the hard ground is there. And we will remain cautious about the use of rainy day funds, as no one knows how long this recession will last."
No prediction can be made regarding either the actions of Congress or the Tennessee General Assembly.
2008 Comprehensive Annual Financial Report
The 2008 Comprehensive Annual Financial Report of the State of Tennessee can be found at the following location: http://tennessee.gov/finance/act/cafr_fy08/08jumpsc.html
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