Apr 30 2008
On Wednesday, April 30, 2008, the spending caps bill (S. 718) has been amended by finance committee to:“When the balance in the Budget Stabilization Fund is greater than 15% of the prior year’s actual general fund revenue collection, 50% of the overage must be used for debt retirement and 50% must be used for capital improvement projects.”
In my opinion adding to capital improvement projects would be adding to a slush fund, which in turn, spending is not capped at all.
I agree with the Budget Stabilization Fund. It keeps us from the current roller coaster ride of up and down years. But with this committee amendment, the ride keeps going up at a sharp incline.