NASHVILLE — State Finance Commissioner Dave Goetz said today that a voluntary buyout program for employees has put the state some 75 percent of the way toward its $64 million goal for reducing employment costs.

The state is accepting 1,521 of the 2,204 employees who responded by Aug. 5 to the Bredesen administration’s voluntary buyout offer, Commissioner Goetz said, noting that will generate an estimated $47.4 million in annual savings, he said.

“This is 1,500 people who will not have to be laid off, and I think moves us signficantly down the road,” Commissioner Goetz said.

Gov. Phil Bredesen has said between 2,200 and 2,300 employees needed to take the buyouts to avoid the likelihood of employees being laid off early next year. The state is seeking to save a total of $468 million because of weaker revenue growth stemming from a sluggish economy.

“We’ll work on getting the rest of the savings,” Commissioner Goetz said. “We’re obviously limited on being able to do layoffs until Jan. 1. That’s a long time between now and then.”

The administration has several “options” including cancellation of some contracts and abolishing unneeded vacant positions that have been frozen since a hiring freeze back in May, Commissioner Goetz said.

“We will achieve budgetarily the savings that we have to achieve, that being again an additional $17 million in savings,” he said.

For complete details, see tomorrow’s Chattanooga Times Free Press.

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