MONTPELIER, Vt. - Lawmakers have approved a round of budget cuts designed to respond to sagging state revenues. Among the results: Vermont's courthouses likely will close for a half day each week.
State officials are to get an updated revenue forecast in November, and there's growing concern that the 2.6 percent budget cut announced for the judiciary on Wednesday may grow to 5 percent in November. Court Administrator Lee Suskin said that likely would mean closing some courthouses altogether.
"We don't have any illusions in the judicial branch about the somewhat pessimistic economic news that we're facing," she said. "The court system knows that it needs to participate with everyone else in government and with all Vermonters in identifying ways to make it through this tough time."
This trend is being seen around the country. Jefferson County Alabama requested its county attorney research the impact of declaring Bankruptcy....if it does file Chap 9, it will be the largest municipal bankruptcy in history. CA and NY with huge deficits and growing.
The problem is that revenues continue to shrink for government and access to capital is getting harder. Couple shrinking revenues piled upon historically high debt and we have seem to be facing a growing solvency problem.
At the end of the day, the problem is pretty simple.....there is simply too little revenues to pay the current debt and other obligations.