State finds a $177 million bonanza
State lawmakers have gone home but they will be back in January to decide how to spend a $177 million surplus.
Jerry Bellune
jerrybellune@yahoo.com
jerrybellune@yahoo.com
Posted 8/16/18
This may be hard to believe.
State taxpayers contributed $177 million more than lawmakers spent last year.
State Comptroller Richard Eckstrom reported tax revenues increased by $542 …
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State finds a $177 million bonanza
State lawmakers have gone home but they will be back in January to decide how to spend a $177 million surplus.
State lawmakers have gone home but they will be back in January to decide how to spend a $177 million surplus.
Posted
This may be hard to believe.
State taxpayers contributed $177 million more than lawmakers spent last year.
State Comptroller Richard Eckstrom reported tax revenues increased by $542 million over the previous year’s revenue.
That brought in $8.1 billion in fiscal year 2018 compared with $7.6 billion in 2017.
Eckstrom credited the strength of the state’s economy with increases in employment, personal income and take-home pay
But he cautioned that the State Retirement System needs $24 billion to cover its obligations to state and local employees.
The retiree health plan is more than $10 billion short on its benefit promises. "These are without a doubt the most serious long-term threats facing our state, and there are no painless choices for making up the huge shortfalls," he said.
"Paying now to reduce these unfunded liabilities could lessen some of the future pains."
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