Budget "Surplus" Lie Grows Like Pinocchio's Nose

[FSogol]

"By requiring merchants to turn in June sales tax receipts a month early, legislators effectively got 13 months of sales tax revenues by the end of the 12-month fiscal year. Still unbalanced, the budget then was put into phony balance by "borrowing" a $620 million payment the state was supposed to make to the Virginia Retirement System, instead giving VRS an IOU saying the money would be paid to the fund, plus interest, starting in 2013 and ending in 2023. So, that's the "Pinocchio nose" in Virginia's "balanced" budget."

Whole article by "Elaine in Roanoke" here:
http://www.bluevirginia.us/diary/1469/budget-surplus-lie-grows-like-pinochios-nose

[atreides1]

1. Thanks for the info

I had a feeling that something wasn't right about this "surplus".

[FSogol]

2. No problem. I first leaned about this in June when a business owner I know was complaining

about having to pay two months of taxes.

[abluelady]

3. Would Love to See a LTTE

in the Republican Times Disgrace!

And let's not forget our Governor is cutting eye care for the most vulnerable in our State because there aren't funds.

[beac]

4. And McDonnell is vote-buying with it by telling state employees that they're getting a

"bonus" in December b/c there's so much extra cash sitting around. Sickening.