7am News, Sports and Obits
Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Treasurer Doesn't Like Quinn's Proposed 'Fund Transfers'
I say "inter-fund transfer." You say "special fund sweep." That's the disagreement between Gov. Pat Quinn and State Treasurer Alexi Giannoulias. Quinn says he wants to use inter-fund transfers -- like many other states have done -- to help fill the gaping multi-billion dollar hole in the state budget.

The state has a number of special funds, often fed by dedicated funding sources or special taxes or fees, that have surpluses. One of the funds the governor is eyeballing is the road fund.

Quinn's plan is to borrow the money, and pay it back, without interest, within 18 months.

But Giannoulias doesn't see much difference between borrowing and "sweeping," which is the practice of taking funds dedicated for a special purpose, and not giving it back.

"Right, that's a fund sweep," Giannoulias says. He says the governor and state lawmakers have been sweeping special funds for years to help the ailing budget, but says a better move would be to consider a new, permanent funding stream. He wouldn't come out and say he'd support an income tax hike, but says he hasn't seen another proposal that would fully do the job.

(Illinois Radio Network)
10 21 09 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.