fill out the budget worksheet following the options listed for balanced budget:

1-Cut spending across the board to meet the $898 million target and balance the budget, OR cut some programs by a large amount to maintain or increase spending in other areas.

2-Use the rainy day fund to balance the budgetbut this means you will have no emergency funds next year, and the state constitution requires you to rebuild the rainy day fund to 5% of the budget within three years.

Revenue Source Amount Received in 2008 $360m $220m $20m Projected 2009 Revenues $300m $200m $20m Sales Taxes Income Taxes Property Taxes Sin Taxes Federal Aid Other Total $30m $350m $20m $32m $330m $14m $1,000,000,000$898,000,000 Spending Budget Area Education Welfare Transportatiorn Higher Education (3 state universities) Community Colleges State Police State Legislature State Governor Public Health Medicaid SCHIP Prisons/Corrections Pension Funds Rainy Day Fund Total 2009 Budget 2008 Budget $380m $150m $100m $120m $20m $10m $2m $2m $5m $50m $50m $75m $30m $6m $1,000,000,000 Revenue Source Amount Received in 2008 $360m $220m $20m Projected 2009 Revenues $300m $200m $20m Sales Taxes Income Taxes Property Taxes Sin Taxes Federal Aid Other Total $30m $350m $20m $32m $330m $14m $1,000,000,000$898,000,000 Spending Budget Area Education Welfare Transportatiorn Higher Education (3 state universities) Community Colleges State Police State Legislature State Governor Public Health Medicaid SCHIP Prisons/Corrections Pension Funds Rainy Day Fund Total 2009 Budget 2008 Budget $380m $150m $100m $120m $20m $10m $2m $2m $5m $50m $50m $75m $30m $6m $1,000,000,000