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selected targets, not an across-the-board cut of a lesser amount. For the next fiscal year the administration plans a six percent selective cut - again not an across-theboard retrenchment.
Included within the austerity program in a freeze on salary levels for state employees, a $53 mllion raid of the literary fund (used to fund low cost loans to local governments for school construction) to pay to VSRS for teachers retirement. An additional $13 million of accumulated interest from the 1977 bond issue proceeds are planned to be transferred to the general fund as new money available for appropriation.
And finally the administration plans to defer $32 million of needed capital construction. All of these items generate a $263 million reduction in spending. This coupled with the $40.4 million surpluf .from 80-82 biennium adds "up to approximately $'303 million reduction-reallocations So balance the budget expenditures with projected tax revenues $300 million in cuts
95.3%