July 22, 2008 - 12:02am
After rough fiscal year, state budget squeaks into the black
By Jessica Alaimo
Gov. John BaldacciGranted, it’s little. Given all the budget woes the state went through this year, however, a small budget surplus was something for Gov. John Baldacci to brag about Monday.
According to a release from Baldacci’s office, the state finished the 2008 fiscal year with a General Fund surplus of $56 million, and a Highway Fund surplus of $2.5 million.
Of the General Fund surplus, $47.4 million was surplus revenue, $7.1 million resulted from lapsed account balances, and $1.5 million came from other adjustments.
“The year-end surplus is the result of a disciplined budget approach,” Governor John E. Baldacci said. “Maine faced a grim economic picture earlier this year that required the State to make many difficult decisions. That hard work has allowed us to finish the year in a good position. Unfortunately, high energy prices and a still-struggling national economy could further erode revenues in the next fiscal year.”
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Excuse Me?
Considering how much the state owes hospitals and health care providers, and how much DHHS lost in it's computer fiasco, and how much the state treasurer lost gambling with the cash fund, to say we have a "surplus" doesn't pass the straight face test. Get real.
Say what?
If you have money left over after paying your bills then it's a surplus. The other stuff you mention certainly are financial management problems, but the definition of a surplus does not include HOW you got there.
Currently due bills to hospitals are on the balance sheet as debts, the DHHS computer fiasco was dumb, but has been paid for and the state treasurer's little investment adventure has been accounted for in the financial reports - and there is still a net positive balance; ergo a surplus. It is real, but it could have been even better if that other stuff didn't happen.
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