Beebe cuts $100M from budget

After some recent speculation, the governor's office says the state will officially cut the budget by $100 million after seeing a drop in state revenue. We've seen reductions in revenue on all fronts, not just sales tax collections. Who'll see the largest cuts? The departments of Correction, Community Correction, Health and State Police will take the biggest hits. Here's more from the Associated Press.

For those of you familiar with the Revenue Stabilization Act, the FY2010 funding level will be reduced by 2.2% ($99.9M), and 98% of the A category is expected to be funded ($4,408.8M). Existing fund balances will ensure continued adequacy for public education and other priorities within the A category.