Budget Director Asks To Borrow Money

1 decade 2 years 3 months ago Wednesday, February 01 2006 Feb 1, 2006 Wednesday, February 01, 2006 4:22:29 PM CST February 01, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
Budget Director Larry Schepker says a good overall budget doesn't necessarily mean money is available to pay the bills. To make up for the gap between income and available dollars, the state borrows from a reserve fund. But there is a six-week gap between the end of the fiscal year on June 30, and the day money from the reserve fund must be repaid. Schepker today asked the House Budget Committee to allow money from dedicated funds to be used in this period if all the borrowed money is returned by June 30. Several Democrats on the panel questioned the precedent such authority would set.

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