Budget Plan Posted

Link to the budget plan.

I cannot imagine anyone could be happy with this plan. The tax hike is simply replacing money they are taking away for something else and making the public feel obligated as the new money will go to education which everyone has a soft spot for. Fair enough but I did the quick math and came up with this based on the estimated FY2010 individual income tax revenues.

Projected individual income tax revenue $8.46 billion at the current 3% rate (page 2-28 in the FY2011 budget)
If the 1% income tax surcharge to support education is passed then there will be an extra $2.82 billion for education. Couple this with the $1.3 billion cut that is proposed for education that will leave the state with $1.52 billion to "catch-up" with what the currently are behind in funding education statewide. I have to wonder how far behind the state is with the education system statewide? Is this enough?

What is planned for paying what is owed to municipalities. If I remember correctly the state owes Columbia over $250,000. Maybe that's payed with short term loans the state will take out. Where do we get the money to pay those loans as a state? Since I have a feeling we as a state are now borrowing money to pay for loan payments.

I welcome anyone to correct me if I am doing the math wrong here.

I have to give them credit that they did not completely destroy education funding so long as Springfield can pass the 1% increase in an election year. I would rather see the 1.5% increase and more rational cuts.