Kudos to Nolan Finley of the Detroit News for his blog today about how we finally “balanced” this year’s budget. You can read the entire blog at http://info.detnews.com/blogs/bloggers.cfm?id=finley
He cites a Citizens Research Council revelation that the 2007 budget was balanced using over $1 billion in one-time gimmicks. They break down this way:
--$407 million borrowed against future tobacco settlement payments
--$165 million in delayed payments to universities (adding to next year’s problem)
--$131 million in withheld pension payment obligations
--$312 in fund shifts (dollars dedicated for one purpose “borrowed” for another)
Nolan is right when he says, “If Granholm were CEO of a public company and engaged in this sort of fiscal fakery, she'd be facing prosecution under the Sarbanes-Oxley Act.