Wednesday, April 23, 2008

More info on that big Capital Outlay bill (HB5221)

Here are some key points on the Capital Outlay Budget just given to me by a colleague in the House:

  1. The bond cap (how much we can borrow) is being raised from $2.7 billion to $3.8 billion. It will cost the general fund budget about $100 million every year, money that would otherwise be used to pay for needed services.
  2. This bill authorizes spending this year and every year through 2012.
  3. Because the bond cap is a statutory measure, it can be increased every year.
  4. This bill spends $400 million more than even the Governor recommended.
  5. The actual cost of this bill is $1.8 billion in new spending.

One must many credit cards are we going to max out before the people are broke?

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