Oregon finds $3.3 billion in CAFR funds
Jul 12, 2012
This actually took place over two years ago on January of 2010.
Salem, OR – Oregon’s Comprehensive Annual Financial Report (CAFR) released by the Secretary of State’s office last week states that more than $3.3 billion in “unreserved, undesignated fund balance… was available for spending.” A budget plan pushed by Senate Republicans calls for $133 million from those balances to help finance this cycle’s budget in a way that protects the economy and preserves important services.
“We can protect important government services and Oregon’s economy by using the money already at the state’s disposal,” said Senator Chris Telfer (R-Bend). “This report confirms that there are billions of dollars for use at the legislature’s discretion. We should use a small portion of this money to protect K-12 classrooms, higher education, services for the disabled and public safety.”
The terms "unreserved" and "undesignated" indicate that these funds are "profit," or left over available excess funds. I doubt that all representatives and senators even know about these funds, but a few do know. Those in the know have deliberately hidden these funds so that the states and municipalities could shed tears over the need to raise taxes to stave off bankruptcy.
It is time that the people demand that their elected representatives tell them why their tax money should go into an investment or savings account to be deposited in one of the big financial institutions like JP Morgan and Goldman Sachs. If taxes bring excess funds, then they should reduce the tax load on the people.
If Oregon can discover the CAFR funds, then California and Illinois ought to do the same, instead of robbing pension funds.
Dr. Stephen Jones