Robbie,
See the Cap times from a few days ago. The reason they are paying
the debt service out of the general fund is because greater than $600
million from the transportation budget was put into the general fund to
help balance the budget for the current biennium. This was a compromise
between Gov. Doyle and Assembly speaker John Gard who were feuding about
debt level and the transfer of transportation funds to the general fund.
This was a one time transfer for this budget as I understand it.
Thus, the question is, will the payment of debt service out of the general
fund end when the transfer of funds from the transportation budget ends?
At 3:19 PM -0600 10/21/03, Robbie Webber wrote:
>This came through my email, and something smells off. This is a proposal
>currently in the Wisc Assembly.
>
>http://www.legis.state.wi.us/2003/data/AB-602.pdf
>
>"Under current law, as affected by 2003 Wisconsin Act 33 (the biennial budget
>bill), the Department of Transportation, under specified circumstances, may
>contract up to $1,000,000,000 in public debt for the purpose of funding major
>highway and rehabilitation projects. Principal and interest costs incurred in
>financing this debt (debt service) are paid from the transportation fund.
>
>This bill decreases this authorized general obligation bonding limit by
>$434,519,600, from $1,000,000,000 to $565,480,400. The bill also requires
>that,
>beginning on July 1, 2005, debt service on this debt be paid from the general
>fund."
>
>Borrowing less for major transportation projects and rehab sounds OK - less
>debt incurred for big highways. But the part about paying for debt service out
>of general funds instead of transportation $$ seems wrong.
>
>Anyone else have thoughts?
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Mark N. Shahan ------ __o
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