Sunday, Governor Bill Ritter unveiled his plan for the budget year starting in July 2009.
Ritter says state transportation funding could take a $429 million hit in 2009, blaming a projected decline in state gasoline tax revenues and federal funding.
He calls his plan a lean and frugal proposal that reflects a worsening national and global economy. He projects the transportation budget at $873 million, about one-third less than current spending.
His proposal also includes setting aside $77 million for a rainy day fund.
Ritter projects a total state budget of $19.2 billion -- an increase of nearly $625 million from the current budget year. He says some of the spending is outside the governor's control
For more information on the proposed budget, click on the link below.