News and Press Releases for February 2006

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02/07/2006

Gov. Sanford Issues Statement on Deficit Repayment Bill

Columbia, S.C. - Gov. Mark Sanford today issued the following statement on S.1026, which would direct $105 million of the $118 million 2004-2005 surplus toward repaying the state's accounting debt, otherwise known as the GAAP deficit. The bill has passed the Senate, was amended in the House, and is now back before the Senate:

"When it comes to the state's fiscal obligations, I've always believed in the principle of first things first, and I'd commend the House and Senate for their work so far in moving this bill forward," Gov. Sanford said. "While I appreciate the progress that's been made, I'd ask that the Senate use what's left over in 2004-2005 surplus money to repay trust and reserve funds. One-time money should be used for one-time expenses, and while I applaud the House for its action in taking care of school bus needs, we believe that need should be addressed through the budget rather than with this one-time surplus money."