Category Archives: Spending Stories

Northern Mariana Islands Retirement Fund Bankruptcy

Back on April 17 2012 the Northern Mariana Islands Retirement Fund attempted to file for bankruptcy under Chapter 11. There was some pretty interesting reading in their petition for bankruptcy including this section (para 10) which suggests some pretty bad public financial management (emphasis added): “Debtor has had difficulty maintaining healthy funding levels due to […]

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State Budget Crisis Task Force Report

The State Budget Crisis Task Force was convened in June 2011 and issued its report in July 2012. The top line quote from the main site states: State finances are not transparent and often include hidden liabilities as well as rapidly growing responsibilities which are difficult to control. While state revenues are gradually recovering from […]

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Debt Does Not Equal Revenue Except in California

Striking quote on inability to understand that debt != revenue: California is also confused about the meaning of the term “revenues”. Asked at a 2008 budget conference whether Schwarzenegger would consider raising revenues to balance the budget, Thomas Sheehy, deputy director of the Department of Finance, replied that the governor’s budget, in fact, already included […]

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