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Keyword: shortfall

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  • Ratings Service Moody’s Finds Pension Shortfall

    06/29/2013 4:28:57 AM PDT · by SeekAndFind · 6 replies
    New York Times ^ | 06/27/2013 | MARY WILLIAMS WALSH
    Moody’s Investors Service, dissatisfied with the way states measure what they owe their retirees, released its own numbers on Thursday, showing that the 50 states have, in aggregate, just 48 cents for every dollar in pensions they have promised. That is much less than the 74 cents on the dollar that the states now report, suggesting the states are short by about $980 billion, with many local governments, like school districts, being on the hook for additional billions that they have not disclosed at all. The disparity suggests that politically difficult steps taken recently by many states to fix their...
  • New Jersey gets diesel waiver to avoid shortfall after Sandy ('til Nov. 13- Ultra Low Sulfur Diesel)

    10/31/2012 1:35:50 PM PDT · by NormsRevenge · 22 replies
    Yahoo! News ^ | 10/31/12 | Reuters
    NEW YORK (Reuters) - The Environmental Protection Agency on Wednesday granted New Jersey a temporary waiver on Ultra Low Sulfur Diesel (ULSD) requirements to help counter a shortfall in fuel supplies in parts of the state following Hurricane Sandy. The waiver allows for the sale of diesel fuel that exceeds standards of 15 parts per million of sulfur under limited conditions effective immediately, according to a letter from EPA administrator Lisa Jackson to Governor Chris Christie. The waiver -- which the letter said aimed to "minimize or prevent disruption of the supply of diesel in New Jersey" -- extends for...
  • GHEI: The true pension burden (Maryland)

    08/02/2012 4:43:41 AM PDT · by Tolerance Sucks Rocks · 10 replies
    The Washington Times ^ | August 1, 2012 | Nita Ghei
    The Maryland state retirement and pension system is in bad shape. The deluxe benefits package has $37 billion in assets, but even that amount isn’t enough to meet the promises made to government bureaucrats. In the last fiscal year, this prodigious sum was invested in a way that yielded a negligible 0.36 percent return. That would be bad enough, but State Treasurer Nancy Kopp, chairman of the pension-system trustees, insists on pretending the fund is earning 7.75 percent for the purposes of calculating future value. This accounting gimmick masks the dire situation of the program’s finances. Retirement funds are generally...
  • Emanuel to send out layoff notices today

    07/15/2011 10:41:12 AM PDT · by Red Badger · 19 replies
    www.chicagotribune.com ^ | 15 July 2011 | By Kristen Mack
    Mayor Rahm Emanuel said he will send layoff notices to up to 625 city employees today as he tries to close a $30 million budget hole. Custodians, call center operators at the city's water department and seasonal workers at the Department of Transportation will be among those affected. Emanuel said he will close an entire $30 million budget hole left by the expiration of a deal with City Hall labor unions for unpaid days off. The mayor previously had turned up the pressure on unions for concessions or cost-cutting ideas at a series of news conferences. "It has been two...
  • CA Teacher Pension Fund Shortfall Grows To $56 Billion

    03/31/2011 10:35:36 AM PDT · by BenLurkin · 15 replies
    AP) ^ | March 31, 2011 9:45 AM
    The drop reported Thursday is enough to trigger an automatic increase in the amount the state must pay into the nation’s second largest public pension fund. Payments from California’s general fund will increase by 20 percent in the coming fiscal year, to $688 million.
  • Social Security Statements; hard evidence of Financial Fraud

    08/06/2010 3:13:58 PM PDT · by publius321 · 4 replies
    http://www.tableofwisdom.com/ ^ | August 6, 2010 | MrArbitrage
    "...There were no disclaimers saying this is subject to change and nowhere did it indicate that “past performance is not indicative of future results” as these pillars of rectitude require of all private sector companies to slap on their literature. Madoff put out those similar fraudulent performance statements, although his at least had the standard market risk disclosures; so..." continued
  • Syrian troops ovewhelmed by diarrhea epidemic, heat wave, budget shortfall

    07/11/2010 5:35:51 PM PDT · by Nachum · 39 replies · 2+ views
    world trbune ^ | 7/11/10 | bbc news staff
    Syria was said to have halted military exercises amid a troop epidemic. The Syrian opposition has asserted that President Bashar Assad ordered the suspension of military training. Assad was said to have issued the order in mid-June 2010 amid an epidemic of diarrhea at army camps. The Syrian military, said to have come under increasing domination by Iran, has not acknowledged the training suspension.
  • Huntington Common Council passes service fee

    05/26/2010 5:58:31 AM PDT · by mshoffner · 4 replies · 176+ views
    Huntington Political Examiner ^ | 05/25/2010 | Mark Shoffner
    Last year, Huntington Indiana's Mayor Steve Updike started laying off workers and this year changed trash pick up to bi weekly because of a budget shortfall. He then went on to propose a service fee for the citizens of Huntington. He has since brought some emergency workers back and started weekly trash pick up. That leaves the service fee.....
  • Huntington's east end fire station to reopen

    05/21/2010 4:18:48 AM PDT · by mshoffner · 3 replies · 187+ views
    Huntington Political Examiner ^ | 05/21/2010 | Mark Shoffner
    Back in November, Huntington's Mayor Updike layed off six firefighters and closed the east end fire station because of a budget shortfall. Now these life savers will be back on the job due to the receiving a "Safer Grant" totaling over $800,000....
  • Trashtown, USA

    04/06/2010 1:28:06 AM PDT · by mshoffner · 37 replies · 778+ views
    Huntington Political Examiner ^ | 04/06/2010 | Mark Shoffner
    Making good on a promise to cut city costs, Huntington Mayor Updike has cut trash pickup to the first and third weeks of the month. This new schedule started in March and has already caused a problem with Huntington citizens.
  • Lawmakers warn Navy, Marines face large fighter jet shortfall

    03/22/2010 8:56:56 PM PDT · by Nachum · 23 replies · 552+ views
    The Hill ^ | 3/22/10 | Roxana Tiron
    The Navy and Marine Corps face a much larger shortfall of fighter jets than expected, four senior members of the House Armed Services Committee warned Defense Secretary Robert Gates. In a letter to Gates, the lawmakers said Pentagon assumptions of a shortfall of 100 fighter jets are “too optimistic.” Armed Services Chairman Ike Skelton (D-Mo.) signed the letter along with ranking Republican Rep. Buck McKeon (Calif.). Two other panel members with jurisdiction over Navy programs, Reps. Gene Taylor (D-Miss.) and Todd Akin (R-Mo.), also signed the letter to Gates and Adm. Mike Mullen, the chairman of the Joint Chiefs of...
  • Spending leaves Oklahoma broke as revenue drops

    03/10/2010 10:30:25 AM PST · by SoonerStorm09 · 16 replies · 497+ views
    Oklahoma Watchdog ^ | March 10, 2010 | Andrew W. Griffin
    OKLAHOMA CITY – Everywhere you look, people are talking about budget cuts in Oklahoma. This week, an Associated Press article reported that in the state Senate, there is a battle over the state’s $669 million budget shortfall and cuts that would need to be made to senior nutrition programs. At the end of February, the Nelson A. Rockefeller Institute of Government reported Oklahoma was No. 1, with the fifth consecutive quarterly drop in tax collections. Oklahoma, which had largely weathered the maelstrom, is starting to feel the effects. And in a recent editorial in The Oklahoman, headlined “We’re No. 1:...
  • Giant California pension funds may lower earnings expectations

    03/03/2010 8:12:01 AM PST · by TigerLikesRooster · 7 replies · 421+ views
    SacBee ^ | 03/03/10 | Dale Kasler
    Giant California pension funds may lower earnings expectations dkasler@sacbee.com Published Wednesday, Mar. 03, 2010 Bruised by heavy losses and wary of the economic road ahead, California's two big public pension funds are considering reducing their official forecasts of future investment results. Such changes would have huge implications for taxpayers and public employees. A reduction in the investment projections would put more pressure on taxpayers and workers to support the two retirement systems, which already are significantly under-funded. The less the California Public Employees' Retirement System and the California State Teachers' Retirement System believe they'll earn from their investments, the more...
  • Faulty assumptions blamed for (California) state budget mess

    01/10/2010 2:53:33 AM PST · by Zakeet · 10 replies · 835+ views
    San Francisco Chronicle ^ | January 10, 2010 | Wyatt Buchanan and Marisa Lagos
    Plummeting tax revenue and the rising cost of social programs have played their part in the budget mess facing California. But there's another major factor - the faulty assumptions the state's leaders have made in passing previous years' spending plans. Nearly a third of the $20 billion deficit that Gov. Arnold Schwarzenegger proposed addressing with deep cuts to services Friday consists of reductions approved in the current budget that didn't pan out, and expected revenue that never came in. And the governor's new plan counts on the state receiving billions of additional dollars from sources that are problematic at best....
  • Huntington reduces city wide to help with shortfall

    11/05/2009 6:51:37 AM PST · by mshoffner · 4 replies · 361+ views
    Huntington Examiner ^ | 11/05/2009 | Mark Shoffner
    A couple of weeks ago, the City of Huntington found that there was a 1.7 million dollar shortfall in tax revenues. After the failed .....
  • California One Step Closer to the Brink

    05/20/2009 10:23:00 AM PDT · by Kartographer · 18 replies · 807+ views
    The Business Insider/Yahoo Finance ^ | 5/20/09 | Joe Weisenthal
    Another night in the great direct-democracy known as California. Facing a minimum $15 billion budget shortfall, voters rejected a series of ballot items that would've closed the state's crisis-level deficit through tax hikes and spending cuts (it's the tax hikes that were the real no go). All of the measures had been expected to fail, even though Governor Schwarzenegger supported them.
  • Gibbons to unveil budget Thursday

    01/13/2009 7:50:14 AM PST · by sf4dubya · 7 replies · 216+ views
    Nevada Appeal ^ | January 11, 2009 | Geoff Dornan
    Thursday is B Day: The day Gov. Jim Gibbons rolls out his proposed budget for the coming two years. Throughout the budget crisis, he has stuck by his pledge not to raise taxes. To continue to do so, he must fit his budget within the $5.65 billion in revenue projected for the coming two years by the Economic Forum. That means the administration is building a budget that will be 34 percent smaller than the biennial spending plan approved by the 2007 Legislature — just $5.65 billion in General Fund money compared to $6.8 billion for the current budget. Gibbons...
  • County official presents wish list for U.S. 281 upgrades

    11/02/2008 5:40:04 PM PST · by Tolerance Sucks Rocks · 2 replies · 465+ views
    The Monitor ^ | November 1, 2008 | Jared James
    U.S. Highway 281 Presentation >> Priority 1: Spend $75 million to build five overpasses in Falfurrias.>> Priority 2: A $13 million Ben Bolt overpass at Farm-to-Market Road 2508 is proposed to create a safer school zone and eliminate another traffic barrier.>> Priority 3: Dedicate anywhere from $40 million to $104 million to build tolled relief route around Premont or upgrade the existing route with tolled freeway lanes.>> Priority 4: A $50 million project in George West to build connectors to U.S. Highway 59 and Interstate 37.McALLEN -- Whether the route is eventually called Interstate 69 or the Trans-Texas Corridor, four...
  • Editorial: Collaboration on road issues

    10/21/2008 9:06:44 PM PDT · by Tolerance Sucks Rocks · 4 replies · 370+ views
    The Dallas Morning News ^ | October 21, 2008 | The Dallas Morning News
    Savor the occasional cause for optimism that top leaders can value teamwork over turf in the contentious area of transportation financing. Take the years of squabbling over how Texas can scrape up billions of dollars to catch up with road-building needs. Suddenly, there's positive movement, first from Gov. Rick Perry last week. He told this newspaper's transportation writer, Michael Lindenberger, that he would not use his veto to obstruct a move by lawmakers to index the lagging motor-fuels tax to inflation. "If it is the will of the people, and of the Legislature, I suspect I would go along with...
  • Texas wants its public funds to invest in roads

    08/22/2008 10:57:25 AM PDT · by Tolerance Sucks Rocks · 20 replies · 221+ views
    Reuters ^ | August 21, 2008 | Reuters
    NEW YORK (Reuters) - Public investment funds based in Texas could invest directly in transportation projects through a new corporation under a plan unveiled on Thursday by the state's legislative leaders and the governor. Texas has the nation's biggest road privatization plan but the legislature, reacting to criticisms that developers were enriching themselves at the expense of taxpayers, enacted a two-year moratorium. That has crimped road-building projects and led to a series of clashes between the governor and the legislature, who now have agreed on a compromise plan. Developers, including overseas companies, investment banks and private equity funds all vie...
  • Texas Lawmaker Talks Toll Roads with Utah Legislature

    08/21/2008 7:45:43 AM PDT · by Tolerance Sucks Rocks · 38 replies · 240+ views
    KCPW ^ | August 20, 2008 | KCPW News
    (KCPW News) Utah lawmakers took tips on highway funding from a Texas legislator this morning. Texas Republican Representative Mike Krusee joined them on Capitol Hill. He told the Revenue and Taxation Interim Committee that with federal money drying up, the only way to pay for new highways is to make them toll roads. "Guess how many roads pay for themselves in taxes? Zero. Not a one. Most of them are less than 50 percent," said Krusee. "Imagine if you're a grocery a store owner, and you decide, I'm gonna sell sirloin at a buck a pound, and I'm gonna sell...
  • 29 STATES FACED TOTAL BUDGET SHORTFALL OF AT LEAST $48 BILLION IN 2009

    08/08/2008 8:08:38 AM PDT · by BGHater · 10 replies · 127+ views
    Center for Budget and Policy Priorities ^ | 05 Aug 2008 | Elizabeth C. McNichol and Iris Lav
    At least 29 states plus the District of Columbia, including several of the nation’s largest states, faced an estimated $48 billion in combined shortfalls in their budgets for fiscal year 2009 (which began July 1, 2008 in most states.) At least three other states expect budget problems in fiscal year 2010. In general, states closed these budget gaps through some combination of spending cuts, use of reserves or revenue increases when they adopted a fiscal year 2009 budget. At this point in the year, most states have already adopted those budgets; only two states — California and Michigan — continue...
  • Waiting Game

    03/27/2008 9:13:20 AM PDT · by GoldwaterInstitute · 1 replies · 229+ views
    The Goldwater Institute ^ | March 26, 2008 | Thomas Patterson
    Waiting Game: Governor's refusal to freeze state spending has ominous consequences By Tom Patterson, Governor Janet Napolitano recently vetoed bills to freeze state hiring and spending, in spite of a state budget deficit of more than $1 billion. It has been clear since last July that the revenues for fiscal year 2008, which ends June 30, would not be nearly sufficient to support the gigantic spending increases in the last four state budgets. During the Governor's first term, real general fund expenditures increased 54 percent, 29 percentage points more than population and inflation, combined. The governor could have called for...
  • Calif. Wrestles With Budget Shortfall

    02/21/2008 7:52:40 AM PST · by jdm · 10 replies · 48+ views
    AP/NewsMax ^ | Feb. 21, 2008 | Staff
    SACRAMENTO, Calif. -- California's multibillion-dollar budget shortfall has grown, the state's nonpartisan fiscal watchdog said Wednesday as she offered a trim-and-tax plan that competes with Gov. Arnold Schwarzenegger's proposal for across-the-board cuts. The report by Legislative Analyst Elizabeth Hill shifted the state's fledgling budget debate to whether new taxes should be part of the solution _ an approach the Republican governor has opposed. It also sparked the kind of partisan sniping that Democrats and Republicans had so far avoided in hopes of preventing a repeat of the protracted budget debate that paralyzed the capital last summer. Schwarzenegger last month pegged...
  • 20 States Face Total Budget Shortfall Of At Least $34 Bil In 2009; 8 Others Expect Budget Problems

    02/12/2008 4:26:38 PM PST · by BGHater · 16 replies · 178+ views
    Center on Budget and Policy Priorities ^ | 11 Feb 2008 | Elizabeth C. McNichol and Iris Lav
    Summary At least twenty-five states, including several of the nation’s largest, face budget shortfalls in fiscal year 2009. Of these 25 states, specific estimates are available for 20 states; the combined deficits of these 20 states are expected to total at least $34 billion for fiscal 2009 — which begins July 2008 in most states. Another 3 states expect budget problems in fiscal year 2010, although some of those gaps may occur earlier than expected. Many of the other states have not yet released information about their fiscal status. The bursting of the housing bubble has reduced state sales tax...
  • Proposal in Texas for a Public-Private Toll Road System Raises an Outcry

    02/10/2008 5:13:38 PM PST · by Tolerance Sucks Rocks · 10 replies · 937+ views
    New York Times ^ | February 10, 2008 | Ralph Blumenthal
    ROBSTOWN, Tex. — Leon Little’s farm here near Corpus Christi would not be seized for Texas’s proposed $184-billion-plus superhighway project for 5 or 10 years, if ever. But Mr. Little was alarmed enough to show up Wednesday night with hundreds of his South Texas coastal neighbors to do what the Texas Department of Transportation has been urging: “Go ahead, don’t hold back.” Don’t worry. Texans have gotten the message, swamping hearings and town meetings across the state to grill and often excoriate agency officials about a colossal traffic makeover known as the Trans-Texas Corridor, a public-private partnership unrivaled in the...
  • Senators unhappy with TxDOT

    02/08/2008 12:59:57 PM PST · by Tolerance Sucks Rocks · 8 replies · 500+ views
    Palestine Herald-Press ^ | February 7, 2008 | Palestine Herald-Press
    Sometimes the truth just has a way of coming to light. A public information officer with the Texas Department of Transportation this week wrote a column in the Herald-Press describing the financial woes facing TxDOT and how because of those problems the state’s transportation department doesn’t have the money to deal with many of the state’s transportation issues. Apparently, several of the state’s senators do not feel that is the case at all. David Dewhurst called out the state’s interim chairwoman of the Texas Transportation Commission, Hope Andrade, on this very issue, according to a story from the Associated Press....
  • Landowners to protest Trans-Texas Corridor plans

    02/04/2008 5:18:57 PM PST · by Tolerance Sucks Rocks · 14 replies · 341+ views
    KHOU.com ^ | February 4, 2008 | KHOU.com staff
    A big protest is planned for Monday afternoon, ahead of the latest public hearing on the proposed statewide tollway. Lots of landowners are upset about the state’s plan to build a tollway from Mexico to northeast Texas. There have already been several town hall meetings about the Trans-Texas Corridor. Most of the people who have spoken out about the plan say it will put them out of business. But state officials argue the tollway is necessary to keep up with the growing population in Texas. Monday’s meeting is being held in Huntsville. It starts at 6:30 p.m. at the Walker...
  • TxDOT: Need more funds

    01/20/2008 8:05:01 AM PST · by Tolerance Sucks Rocks · 7 replies · 190+ views
    Amarillo Globe-News ^ | January 20, 2008 | Karen Smith Welch
    The Texas Department of Transportation says it can't afford to build new roads without more funds, but a Panhandle lawmaker called the move an attempt to hold projects for ransom. TxDOT argues costs have skyrocketed and federal and state lawmakers have diverted millions to other priorities, Amarillo District Engineer Mark Tomlinson said. State legislators moved more than $1.5 billion from the 2008-09 state highway fund for other missions, he said. So TxDOT must cut $1.1 billion from its 2008-09 construction budget and focus on maintenance of the state's 79,000 miles of existing roadways, Tomlinson said. Next week, Tomlinson will list...
  • Interstate Toll Roads Eyed

    08/31/2007 9:03:48 AM PDT · by Froufrou · 71 replies · 1,089+ views
    mysa.com ^ | 08/31/07 | Polly Ross Hughes
    The Texas Department of Transportation is pushing Congress to pass a federal law allowing the state to "buy back" parts of existing interstate highways and turn them into toll roads. The 24-page plan, outlined in a "Forward Momentum" report that escaped widespread attention when published in February, drew prompt objections Thursday from state lawmakers and activists fighting the spread of privately run toll roads. "I think it's a dreadful recommendation on the part of the transportation commissioners here in Texas," said Senate Transportation and Homeland Security Committee Chairman John Carona, R-Dallas. "I feel confident that legislators in Austin would overwhelmingly...
  • Some Needed Attention: If ad fight keeps roads in the news, we're for it

    08/29/2007 5:20:44 PM PDT · by Tolerance Sucks Rocks · 15 replies · 535+ views
    Dallas Morning News ^ | August 29, 2007 | Dallas Morning News
    Let the fracas continue over Texas transportation policy. It's important to keep people alert to the Legislature's failure to address the state's glaring highway needs, and a new dustup is one way to accomplish that. The latest is over the Department of Transportation's developing "outreach" campaign to advocate for the controversial Trans-Texas Corridor and other proposed toll projects. The price tag could reach $9 million, and some lawmakers have badmouthed the idea. Good. Along with their complaints, maybe we'll see a rare thing come out of the Capitol – realistic solutions for meeting demand for new roadways in the face...
  • Gates: Department Will Shield Troops from Funding Shortfall

    05/03/2007 9:35:16 PM PDT · by SandRat · 10 replies · 263+ views
    WASHINGTON, May 3, 2007 – The Defense Department will take “every action necessary for as long as possible,” to ensure that troops fighting in Iraq are not affected by the delay in approval of its supplemental war funding, Defense Secretary Robert M. Gates said yesterday. The longer the supplemental funding goes unapproved, the greater the financial disruptions on the Army, but most of those will be absorbed as monies are transferred from accounts for U.S. construction, training, hiring and travel and funneled to supporting the war, Gates told Pentagon reporters. President Bush on May 1 vetoed an emergency war-funding...
  • Audit: $86 billion transportation funding gap overblown

    05/01/2007 11:00:46 AM PDT · by Tolerance Sucks Rocks · 9 replies · 291+ views
    Austin American-Statesman ^ | May 1, 2007 | Ben Wear
    Report says that more than $45 billion of the estimate is either in error or undocumented. The state auditor's office on Monday challenged the validity of more than half of a purported $86 billion shortfall in Texas transportation funding over the next generation and cautioned that the estimate "may not be reliable for making policy or funding decisions." That $86 billion, based on 2004 figures, has been cited repeatedly by Texas Department of Transportation officials and some legislators as a major reason for the state's increasing need for new toll roads. The number is a compilation of estimates from local...
  • Audit challenges $86 billion transportation funding gap

    04/30/2007 10:41:10 AM PDT · by Tolerance Sucks Rocks · 17 replies · 445+ views
    Austin American-Statesman ^ | April 30, 2007 | Ben Wear
    Report says that more than $45 billion of the estimate is either in error or undocumented. The State Auditor's Office this morning released a report challenging the validity of almost half of a purported $86 billion shortfall in Texas transportation funding over the next generation, and cautioning that the gap estimate "may not be reliable for making policy or funding decisions." That $86 billion figure has been cited repeatedly by Texas Department of Transportation officials and some legislators as a major reason for the state's increasing need for new toll roads. The number is a compilation of estimates from local...
  • Panel urges gas-tax indexing

    12/16/2006 1:16:37 AM PST · by Tolerance Sucks Rocks · 23 replies · 614+ views
    Houston Chronicle ^ | December 15, 2006 | R.G. Ratcliffe
    AUSTIN — A report done for a group of business leaders who advise Gov. Rick Perry recommends increasing the state gasoline tax to pay for new highway construction in Texas. The transportation report for the Governor's Business Council says most of the state's highway needs could be paid for by indexing the state gasoline tax to the cost of highway construction. Such indexing would raise the tax by 8 to 12 cents a gallon immediately. The gas tax would rise from the current 20 cents a gallon to 59 cents a gallon by 2030, raising $74.6 billion in highway-construction funds,...
  • Budget Woes Hit Army Posts Nationwide

    07/07/2006 11:23:23 AM PDT · by Anita1 · 34 replies · 1,143+ views
    NewsMax.com ^ | Thursday, July 6, 2006 7:56 p.m. EDT
    A diversion of dollars to help fight the war in Iraq has helped create a $530 million shortfall for Army posts at home and abroad, leaving some unable to pay utility bills or even cut the grass. In San Antonio, Fort Sam Houston hasn't been able to pay its $1.4 million monthly utility bill since March, prompting workers in many of the post's administrative buildings to get automated disconnection notices. Fort Bragg in North Carolina can't afford to buy pens, paper or other office supplies until the new fiscal year starts in October. And in Kentucky, Fort Knox had to...
  • CA: Economic upturn clears away state budget shortfall next year

    11/16/2005 5:23:47 PM PST · by NormsRevenge · 12 replies · 382+ views
    ap on Bakersfield Californian ^ | 11/16/05 | Tom Chorneau - ap
    SACRAMENTO (AP) - California lawmakers won't have to worry about a multibillion budget deficit next year for the first time in four years thanks to an unexpected jump in tax income and ongoing spending cuts, according to a report released Wednesday. But Legislative Analyst Elizabeth Hill tempered the good news with a warning that the state has not solved its long-term spending problems and warned that big deficits will return in 2007-2008 unless additional steps are taken. "The state has to keep its foot on the gas peddle of getting its fiscal house in order," Hill said at a news...
  • News Analysis: End strength up despite recruiting shortfall (GO ARMY!)

    10/26/2005 5:52:14 PM PDT · by SandRat · 4 replies · 326+ views
    ARNEWS ^ | Oct 26, 2005 | Bill Yamanaka
    WASHINGTON (Army News Service, Oct. 26, 2005) -- There are those who might focus on the fact that the Army missed its self-imposed recruiting goals in fiscal year 2005, yet ignore the fact that the total end strength and capabilities of the Army are what matter most. The men and women of the Army clearly derive a great deal of satisfaction from their decision to serve our nation as evidenced by the fact the Army exceeded its re-enlistment goals across the board. “America’s Army remains the pre-eminent land force in the world today,” said Secretary of the Army Francis Harvey....
  • Maine braces for fuel shortfall (Chill Brrrrrrrr)

    09/30/2005 8:22:32 AM PDT · by SheLion · 101 replies · 1,919+ views
    AUGUSTA - A legislative panel learned Thursday the Baldacci administration is preparing for fuel shortages and considering emergency state allocations to help prop up programs that provide relief from rising heating oil costs. The Legislature's Appropriations Committee also was informed of shortfalls within one of the state's most popular heating programs that provides financial assistance to Maine's poorest residents. Dale McCormick, director of the Maine State Housing Authority, asked lawmakers to consider an emergency funding request of $10.2 million from the state's General Fund to bolster insufficient federal revenues. "This is not going to be a good year for Maine...
  • Health funds for veterans misjudged

    06/30/2005 9:41:08 AM PDT · by CHARLITE · 1 replies · 286+ views
    WASHINGTON TIMES INSIDER.COM ^ | JUNE 30, 2005 | STEPHEN DINAN
    The Bush administration yesterday admitted that it badly miscalculated health care spending for veterans this year and agreed to send Congress an emergency spending request to make up a shortfall of at least $1 billion. It was a reversal from just a day before, when Veterans Affairs Secretary Jim Nicholson said money could be transferred among accounts to make up the difference, and House Republicans, on a procedural vote, rejected Democrats' attempt to add more money. But with the Senate voting unanimously yesterday to add $1.5 billion to veterans health spending and House Minority Leader Nancy Pelosi promising to "make...
  • Calif. Faces Up to $10 Billion 2006-07 Shortfall (LAO report estimate)

    11/17/2004 6:24:24 PM PST · by NormsRevenge · 29 replies · 463+ views
    Reuters on Yahoo ^ | 11/17/04 | Reuters - San Francisco
    SAN FRANCISCO (Reuters) - California's state government faces a year-end shortfall of $6.7 billion in its 2005-06 year, a gap it can close with $3.5 billion in deficit-financing bonds and with improving revenues, the state legislative analyst's office said on Wednesday. However, the nonpartisan office, which tracks the state's revenues, spending and budget, said California's budget gap could grow to nearly $10 billion in the state's 2006-07 year because a number of one-time solutions used to balance the current 2004-05 year budget will not be available. In the next year, California's legislative analyst's office said in a report, it estimates...
  • CITY (HOUSTON) FACES $1 BILLION PENSION SHORTFALL

    02/29/2004 6:26:42 AM PST · by MeneMeneTekelUpharsin · 35 replies · 561+ views
    The Houston Chronicle ^ | 29 February 2004 | DAN FELDSTEIN and KRISTEN MACK
    The city of Houston's main pension program has a billion-dollar funding shortfall because benefits have been boosted so high that many employees will earn more in retirement than they received while working, according to a report obtained by the Chronicle. A few will retire as millionaires. To properly reduce the shortfall, taxpayers would have to put nearly $100 million extra into the fund next year, according to an analysis prepared for the pension's board. Further, the city cannot reduce the benefits for any employee who already has worked five years, thanks to a Texas constitutional amendment passed by voters last...
  • CA: Foes say Davis overspent, then covered up shortfall (No &%#! , Sherlock!)

    07/13/2003 8:42:20 AM PDT · by NormsRevenge · 8 replies · 158+ views
    Sac Bee ^ | 7/13/03 | Alexa H. Bluth
    <p>As Republicans attempt to oust Democratic Gov. Gray Davis, their effort is fueled by the charge that he and the Democratic-controlled Legislature spent a surge of tax revenue late last decade too freely and for too long.</p> <p>Lawmakers are haggling over a state budget that is 13 days overdue, and recall backers point to irresponsible spending as a key reason for California's staggering shortfall and their conviction that Davis should be tossed out of office.</p>
  • CA: Davis signs measures to chip away at shortfall

    05/06/2003 7:52:50 AM PDT · by NormsRevenge · 9 replies · 184+ views
    Sac Bee ^ | 5/6/03 | Alexa H. Bluth
    <p>Gov. Gray Davis on Monday signed a package of bills to shave $3.7 billion from the state's deficit, nine days before he reveals an updated plan to fill the rest of California's mammoth budget hole.</p> <p>"To be sure, we have a lot farther to go," Davis said before adding his signature to six bills approved by the Legislature last week.</p>
  • New Kentucky State Budget Facing Potential $82 Million Shortfall

    05/03/2003 7:18:37 AM PDT · by Theodore R. · 1 replies · 235+ views
    Louisville, KY, Courier-Journal ^ | 05-03-03 | Loftus, Tom
    <p>FRANKFORT, Ky. -- The state budget, passed just weeks ago, may face an $81.7 million shortfall, the governor's budget office warned yesterday.</p> <p>If that happens, the state would have to make deeper spending cuts and some lawmakers say it would leave them and the next governor with an even tougher job in writing a budget for the 2004-06 biennium.</p>
  • Governor Perry Denies Knowledge of Increases in Texas Draft Budget Proposal

    04/24/2003 6:03:46 AM PDT · by Theodore R. · 229+ views
    Perry denies knowledge of draft budget increases Associated Press AUSTIN (AP) — Gov. Rick Perry on Wednesday said he never saw draft budget documents from his office that show tentative plans to raise education and social services funding while suggesting accounting delays Perry now criticizes as budgetary "sleights of hand." The Associated Press examined the working papers after the Republican governor's office made the hundreds of thousands of pages available to reporters who requested them under the Texas Public Information Act. The papers detail plans Perry's staff were working on when Texas was expected to have a $5 billion budget...
  • Louisiana's Education Funding Is Short $22 Million

    01/16/2003 5:04:31 AM PST · by Theodore R. · 1 replies · 172+ views
    The Shreveport (LA) Times ^ | 01-16-03 | Hasten, Mike
    <p>Posted on January 16, 2003 BATON ROUGE - The problem of funding Louisiana's public schools is twice as bad as when classes started this year, state education board members learned Wednesday. That means local school systems may have to absorb some of the hit.</p>
  • CA - Analyst: Davis overstated budget shortfall by $9 billion

    01/15/2003 11:46:02 AM PST · by NormsRevenge · 10 replies · 121+ views
    SJ Mercury News ^ | 1/15/03 | AP - Sacramento
    <p>SACRAMENTO (AP) - Gov. Gray Davis is overstating the state's two-year budget shortfall nearly $9 billion, California's nonpartisan legislative analyst said Wednesday.</p> <p>She issued a report estimating the state's revenues will be at least $26 billion short over the next 18 months -- in contrast to Davis' predictions that the state faces a $34.6 billion deficit.</p>
  • CA: Davis warns of shortfall, offers a plan for growth

    01/07/2003 7:58:40 AM PST · by NormsRevenge · 9 replies · 214+ views
    Sac Bee ^ | 1/7/03 | Margaret Talev
    <p>Gov. Gray Davis receives a hug from his wife, Sharon, and applause from a Memorial Auditorium audience after he's sworn in to his second term on Monday.</p> <p>Gov. Gray Davis began his second term Monday by pledging to create jobs and protect basic government services but warning Californians to brace themselves for a state budget crisis that "boggles the mind."</p>
  • Sailing rough budget waters Tennessee Gov.-elect Bredesen considers furloughs, layoffs, cuts

    01/05/2003 11:31:25 AM PST · by JDGreen123 · 8 replies · 264+ views
    Chattanooga Times Free Press ^ | January 05, 2003 | John Commins
    NASHVILLE — Democratic Gov.-elect Phil Bredesen said employee furloughs and layoffs coupled with across-the-board department cuts will be "on the table" if that’s what it takes to balance the state budget. "Obviously, the state is once again in a more serious situation than anyone realized in September, October or November," Mr. Bredesen told the Chattanooga Times Free Press last week during an interview at his Nashville office. "The fact that the revenue estimates were too optimistic, combined with the TennCare issue, those are two significant, multihundred-million-dollar hits to the budget," he said. "I would have thought on July 15 that...