ANTICIPATED REVENUES 839

Q. Governor, you say you won't make a decision until September,
but the new fiscal year begins July 1. Won't you be going into the
new fiscal year with an unbalanced budget?

A. With a what? An unbalanced budget? Well, that's something
that couldn't really be said until September when the total fiscal ap-
praisal can be made. We don't know how we finish the year until
September.

Q. What is September 1st that makes that the date?

A. Well, it's not a date really. We could say the end of August or
early September. We don't attempt to set that date.

Q. Because of returns?

A. Well, the Comptroller's office has indicated that it will be around
the end of August before they can give us a real picture.

Q. Governor, in your opening statement, you talked about these
latest figures given to you by the Board of Revenue Estimates. Is
this a formal presentation by the Board or an informal opinion?
A. It's a letter from the Board of Revenue Estimates.

Q. Well, doesn't the budget have to be based on the most recent

estimates of the Revenue Board?

A. The Governor is not bound by the revenue estimates.

Q. What do you use to meet this Constitutional requirement for a
balanced budget? How do you tell?

A. You use the final fiscal information that you have, which you
can't have until the end of August.

Mr. Mandel: As of now, the figures which were furnished to the
Legislature and the Governor indicate that the budget is balanced.
If the final figures from the Comptroller's office sometime in August
or September indicate that this isn't so, then a remedy has to be forth-
coming. But at this point, the budget is still balanced.

Q. Don't these most recent figures indicate though that the budget
is unbalanced?

Mr. Mandel: These figures are merely unofficial figures. They are not
complete. They haven't even finished examining the returns yet.
They're just estimating from what they have examined what could
be happening.

Q. Mr. Marsh and Mr. Nossell expressed the view that the latest
estimate could be off more than $1 million. They seem to feel that
this is pretty solid.