AUGUSTA -- Gov. John Baldacci today announced that given updated revenue projections for the remainder of the fiscal year ending June 30, 2009, he is initiating a curtailment process, according to the governor's press office.

The Governor has a target to reduce the rate of spending in the current fiscal year by $150 million.

"As the global financial and economic crisis deepens, we must continue to take the disciplined action to bring our budget into balance," Baldacci said. "While the choices we have before us are undeniably difficult, we must continue to prioritize the services that state government provides and continue to make crucial investments in our economy."

Under State law, the governor has the authority to reduce spending on programs approved by the Legislature with a curtailment order. The curtailment order is temporary and serves to reduce the rate of spending until a supplemental budget can be passed to address the predicted revenue shortfall. The curtailment order applies only to the current fiscal year.

State department heads have until Nov. 13 to propose curtailment initiatives to the state budget office.