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The main event wasn’t really a disappointment, because there were some staggering figures thrown out today. But when State Treasurer David Rousseau presented the budget for FY ‘10 to the Assembly Budget Committee, the surprise wasn’t in the declining revenues.

We know that it’s an unprecedented economic climate. Revenues are down in every category – biz tax, sales tax and an astounding 19% down in income taxes.

But here was the May surprise: property tax rebates will be taken away for all but seniors and the disabled. There I said it.

This is going to be interesting to watch politically. Will the voters punish the Governor for this? Hard to say.

Here is what we do know…the proposed budget’s final number is $29.6 billion. That is $1.2 billion less than what the Governor laid out in his Budget Message March 10. And that is roughly $4 billion less than the orginal ‘09 budget.

That is a significant reduction, and maybe the public will understand. Then again, maybe they need someone to blame.