State Sen. Chris Telfer (R-Bend) continues to insist there are hidden billions that the state could tap into to erase its budget deficit without a tax increase – even though the state Department of Administrative Services says, in effect, that she’s full of it.
“Reports that Oregon has billions of dollars stashed away in surplus accounts – fanned by Republican legislators and opponents of proposed tax increases – are bunk, say the accountants who compile an annual report on the state’s financial status,” according to a news story in yesterday’s Oregonian.
The story quotes Kathryn Ross, the statewide accounting and reporting manager in the Department of Administrative Services, as saying: “I’m always amazed that people could think there’s a pot of gold here that no one knew about except the state controller’s division.”
Telfer and other Republican legislators pointed to a report that said the state has $4.4 billion in “ending fund balances” as proof that there’s plenty of money to close the budget gap without passing Measures 66 and 67, which would increase individual and corporate income taxes respectively.
But according to Ross, that money is tied up in “everything from inventory and accounts receivable to funds such as gas taxes that must be spent on highway projects” and the state can’t just dip into it at will.
“It’s the same thing we said before,” Legislative Fiscal Officer Ken Rocco told The Oregonian. “The vast majority of these funds are tied up in various special kinds of trust funds, revolving loan accounts” and other restricted accounts.
Undaunted, Telfer – whose profession is accounting – said such statements were “garbage.”
“I still believe there are possible billions [available] because it doesn’t say who’s restricting it,” she said.
Maybe what we need to do is find the leprechaun who’s hiding the magic pot o’ gold and force him to hand it over.
This article appears in Jan 14-20, 2010.
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Can I have some of what Chris is smoking?
Was just reading about Jesse the Body Ventura when he was in office. He also discovered a lot of monies that were in slush (trust) funds returned over a billion dollars to the tax payers before the legislators stopped him from turning over another 6 billion! So is it that far fetched? Cities also have them, but they keep taxing and taxing. “The Power to Tax is the power to enslave” Thomas Jefferson
I am not a fan of Republicans or Democrat’s.
Both parties are corrupt at the highest levels and its becoming more apparent every day.
The people of Oregon are suffering,1 in 5 are on food-stamps or in other word 750,000 people..the worst economy in like 70 years. So lets raise taxes, lets hire more cops, lets send our kids to war,lets bail out the big banks,lets print more fake money with no value backing it, lets send more jobs to Mexico and China,lets have more lobbyist,lets not drill for oil in Oregon( billions of $ income) Lets give the Federal Reserve(A private Delaware corp) no over-site and no audit… ever since 1917. Lets maintain 700 military bases around the world,lets send our tax money to every 3rd world country who benefits our agenda, lets rebuild every country we bomb.
What a bunch of arrogant leaders we have.
The real powers that control this country want all you left-wings fighting all you right-wings while they steal from you.
Don’t we all just want peace and the ability to take care of our family? Why don’t we have that? Why did we fight for our freedom from England? TAXATION WITHOUT TRUE REPRESENTATION
We are back to where we started circa 1700’s.. GREED and the POWER HUNGRY rule the day.
A divided country is weak..a divided people makes the elite stronger.
ALL the network news is nothing more than propaganda to keep the division between both parties. The true elite leaders laugh at us sheep over a golf game and a martini.
As Americans we a dumb.. Lets eat a burger, watch some NFL,WWE or sit on the couch and believe the crap FOX or CNN spews out.
Thank You for letting me tell you how I feel.
John T. Party