Vermont's revenues are not growing as fast as expected, and Gov. Peter Shumlin says he's asking state agency chiefs to recommend a round of budget cuts.
Shumlin spoke Thursday morning about the situation, hours before the he was to meet with the heads of legislative money committees to get a briefing from two economists on the state of Vermont's economy and what that likely will mean for revenues.
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The governor says the state's general fund revenues now are expected to grow by about 3 percent during this fiscal year, versus the 4.8 percent growth that had been forecast earlier.
He says that will translate into $31 million in cuts in the fiscal 2015 budget, which Shumlin calls a small adjustment in a roughly $1.4 billion general fund.