Gov. Jane Dee Hull last week allowed four major budget bills to become law without her signature, saying the Legislature overlooked ways to improve the state's financial position and "made the situation even more uncertain."
Hull pointed out that May revenue collections of sales taxes and corporate and individual income taxes fell $53 million below forecast. Hull said a self-insurance program mandated by the Legislature lacks the necessary $85 million in reserves and a complete implementation plan.
A lease-to-own program for building schools financed through certificates of participation is also problematic, Hull said, because it will cost about $6 million more than traditional revenue bond financing.
Meanwhile, the governor also vetoed a number of bills. They included SB 1201, an income tax refund for homebuilders; HB 2558, a subsidy for retirees health insurance that she said would have created a pension fund liability of $450 million; and HB 2532, which would have allowed a square footage exemption for experimental schools.