- Associated Press - Monday, January 12, 2015

MONTPELIER, Vt. (AP) - Gov. Peter Shumlin says Vermont’s budget deficit projected for the next fiscal year isn’t going to be quite as badly as originally forecast.

Speaking Monday at a breakfast meeting, Shumlin said experts now estimate the shortfall will be about $93.7 million, down from about $99.5 million.

Shumlin says state costs have come down about $5.8 million below the state’s November projections in several categories, including debt service, teachers retirement pension and teachers retirement health care.

Finance Commissioner Jim Reardon tells the Burlington Free Press (https://bfpne.ws/1FMyygH ) it’s good news, but “$94 million is still a lot.”

Shumlin is planning to lay out his solution to the shortfall on Thursday during his annual budget address to the Legislature.

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