NASHVILLE, Tenn. -- Gov. Phil Bredesen said it will be several weeks before he will be able to offer specifics on a buyout package aimed at reducing 2,000 state government jobs.

Related: Read Cara Kumari's blog from the meeting | Video: Governor Presents Spending Cut Summary

The governor said he's willing to use $50 million of the reserve funds for the buyouts but he hasn't worked out everything.

But the governor said officials will need more time to figure out complicated legal questions about a voluntary buyout program.

Bredesen plans to offer the buyout packages to targeted state workers by June 6.

The reductions would represent a five percent cut in the state's work force and an annual savings of $64 million.

Bredesen has said he will need to cut $468 million from the spending plan that begins July 1.

Fifty million dollars works out to an average total incentives package of around $25,000 per employee.

They will then have 45 days to consider it and also seven extra days after accepting the buyout to then back out of their decision.

However, not every state employee is going to be offered the buyouts.

"It's something we are going to have the department heads identify those employee classifications or business units where they can live with fewer people with the least impact to the public," said Bredesen.

The two percent increase is out of the budget, and employees will have to pay a little more for health insurance in co-pays, emergency room visits and a higher deductible.

On Monday, the public found out that sales tax collections in Tennessee dropped to a record low last month. Overall, the state collected almost $90 million less than was budgeted.

Bredesen told lawmakers he will balance the budget without raising taxes, saying, "We can't tax our way out of this shortfall."

Despite the cuts, Bredesen wants to set aside $100 million to help the state land unspecified economic development projects.

Administration officials won't say which projects that money would target. But German automaker Volkswagen AG announced last month that Tennessee is among three states it is considering for a new plant.

Related: Read Cara Kumari's blog from the meeting.