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Rainy Day Fund

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NEWS
September 23, 2011
Buoyed by strong revenue figures notched last month, the Berkeley County Council on Thursday diverted $100,000 to the county government's Rainy Day fund. Council members also are mulling the allocation of another $100,000 toward the payment of bond debt. With the fund transfer, the Rainy Day fund balance now stands at $817,000, Berkeley County Administrator Deborah Hammond said. Hammond told council members that August revenue figures, including various types of tax generators, were strong.
NEWS
April 9, 2001
Legislature passes bills that impact local area Some bills of local interest that passed the Maryland General Assembly this session: UNDERCOVER PURCHASES - Lets Washington County police agencies make secret purchases for undercover investigations. Right now, investigators must seek bids for purchases over $25,000. PRIME OUTLETS - Allows Prime Outlets at Hagerstown to hold the same type of sidewalk exhibitions as Valley Mall. FIREFIGHTER TAX CREDIT - Authorizes the Washington County Commissioners to offer a property tax credit to fire and rescue volunteers.
NEWS
July 7, 1998
What's the best use of a state government surplus? That question is fueling political debates in Harrisburg, Pa. as Republicans and Democrats contend for voters' favor in the upcoming elections. In our view, the details can be argued, but surpluses are temporary and shouldn't be used to create new programs. Seven months ago, state Sen. Vincent Fumo, D-Philadelphia, estimated that surplus would be $380 million, more than twice what the Republican administration of Gov. Tom Ridge was predicting at the time.
NEWS
BY BOB MAGINNIS | May 3, 2002
Pennsylvania's state Constitution requires the legislature to complete its budget by June 30. Given the conflicts lawmakers have yet to settle, it may take a lot longer than that. In February, Gov. Mark Schweiker presented a $20.9 billion budget that was an all-out effort to avoid any tax increases. It would take $550 million from the state's Rainy Day Fund and borrow $280 million to pay for increased state security and to continue the phaseout of the Capital Stock and Franchise Tax. From Day One this budget seemed like a smoke-and-mirrors affair that defied any financial sense.
NEWS
by BOB MAGINNIS | June 20, 2002
A collection of business and conservative political groups on Tuesday asked Pennsylvania lawmakers not to hike taxes to balance the state's budget. Those who believe the job can be done with spending cuts need to make their case within the next two weeks. The problem facing elected officials is that a revenue shortfall estimated at $677 million in February has since grown to $1.3 million. And so the plan Gov. Mark Schweiker offered back then - using half the state's $1.1 billion Rainy Day Fund and issuing bonds to continue the phaseout of the Capital Stock and Franchise Tax - won't fill up the hole.
NEWS
BY BOB MAGINNIS | May 21, 2002
While they await the results of today's primary election, Pennsylvania lawmakers have something to contemplate besides how many votes they'll get. Given the latest state revenue estimates, they must also worry about how to stem the rising tide of red ink. The Associated Press reported this week that by the end of the fiscal year on June 30, tax revenues will fall $1.22 billion short of what was predicted, or about $500 million more than the...
NEWS
March 6, 2003
Republican state lawmakers' reaction to the budget presented this week by Democratic Pennsylvania Gov. Ed Rendell has been mixed. Some applauded his bare-bones package while others wondered what surprises they'll see when the supplemental budget arrives in three weeks. We hope lawmakers can skip the partisan sniping and work on the budget with a view toward what's best for the state. Last year's legislative priority was not the state's future, but an all-out election-year effort to avoid raising taxes, in part by cutting the state's $1.1 billion Rainy Day Fund in half.
NEWS
By BRYN MICKLE | August 9, 1999
MARTINSBURG, W.Va. - West Virginia's "rainy day fund" could provide about $5 million in relief to farmers hit hard by the state's severe drought, state Del. John Doyle, D-Jefferson, said. [cont. from news page ] West Virginia Gov. Cecil Underwood has asked for a special session of the state Legislature in which he is expected to ask lawmakers to approve a financial package to aid struggling farmers. "The figure I'm hearing is about $5 million of the $75 million in the state's emergency fund," Doyle said.
NEWS
BY MATTHEW UMSTEAD | matthewu@herald-mail.com | February 22, 2013
Some property values in Berkeley County have stabilized after consecutive years of decline, but Berkeley County Council President Anthony J. “Tony” Petrucci's budget outlook for 2013-2014 remains conservative. “My goal is to keep the levy rate the same or even lower if we can,” Petrucci said Friday. Berkeley County Council, which acts as the county's budget-balancing arm, reviewed several accounts directly under its control Thursday as part of ongoing work to prepare next year's budget.
NEWS
By MATTHEW UMSTEAD | matthew.umstead@herald-mail.com | March 22, 2012
The $24.9 million spending plan unanimously approved Thursday by Berkeley County Council for the next fiscal year cuts funding for several unfilled courthouse security-officer positions, but there are no reductions in force, officials said. The general budget for the 2012-13 fiscal year, which begins July 1, is nearly $2 million less than the starting budget for the previous year, but includes funding for two additional paid firefighters and an administrative position, according to the official budget document and council President William L. “Bill” Stubblefield.
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NEWS
BY MATTHEW UMSTEAD | matthewu@herald-mail.com | February 22, 2013
Some property values in Berkeley County have stabilized after consecutive years of decline, but Berkeley County Council President Anthony J. “Tony” Petrucci's budget outlook for 2013-2014 remains conservative. “My goal is to keep the levy rate the same or even lower if we can,” Petrucci said Friday. Berkeley County Council, which acts as the county's budget-balancing arm, reviewed several accounts directly under its control Thursday as part of ongoing work to prepare next year's budget.
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NEWS
By MATTHEW UMSTEAD | matthew.umstead@herald-mail.com | March 22, 2012
The $24.9 million spending plan unanimously approved Thursday by Berkeley County Council for the next fiscal year cuts funding for several unfilled courthouse security-officer positions, but there are no reductions in force, officials said. The general budget for the 2012-13 fiscal year, which begins July 1, is nearly $2 million less than the starting budget for the previous year, but includes funding for two additional paid firefighters and an administrative position, according to the official budget document and council President William L. “Bill” Stubblefield.
NEWS
September 23, 2011
Buoyed by strong revenue figures notched last month, the Berkeley County Council on Thursday diverted $100,000 to the county government's Rainy Day fund. Council members also are mulling the allocation of another $100,000 toward the payment of bond debt. With the fund transfer, the Rainy Day fund balance now stands at $817,000, Berkeley County Administrator Deborah Hammond said. Hammond told council members that August revenue figures, including various types of tax generators, were strong.
NEWS
By DAVID SALEH RAUF | Capital News Service | February 12, 2011
Gov. Martin O'Malley's plan to transfer $100 million from a fund dedicated for building roads and bridges is drawing strong backlash, but some lawmakers say the rhetoric is unfounded. In recent weeks, Republican leaders have taken turns blasting O'Malley for "raiding" the Transportation Trust Fund to help balance the state's budget. It's a term that's even crossed party lines, as Senate Majority Leader Rob Garagiola has occasionally used it to describe transfers from the transportation fund.
NEWS
By James Pelura | April 28, 2007
At a time when many political pundits are giving the 2007 session of the General Assembly a passing grade, I want to offer the more appropriate grade - an incomplete. What else can you say about Gov. Martin O'Malley and the Democrat majority that pushed through a $30 billion budget without the money to pay for it? They irresponsibly raided more than $800 million from the surplus that Gov. Bob Ehrlich built up in the Rainy Day Fund, leaving next to nothing for the future. And there is still going to be a more than a $1 billion budget gap. Watch your wallet, you know what's coming next!
NEWS
by ANDREW SCHOTZ | March 15, 2007
ANNAPOLIS - A Democratically ruled Maryland House preliminarily approved a $30 billion state budget Wednesday, squelching a Republican attempt to limit spending and delay additional school funding. On the current course, Marylanders should "brace themselves for a massive tax increase next year," Del. Christopher B. Shank, R-Washington, said on the House floor, citing a projected $1.5 billion deficit. Democrats argued that the Republican proposal would critically hurt funding in several crucial areas.
NEWS
by DAVE McMILLION | August 26, 2005
charlestown@herald-mail.com MARTINSBURG, W.Va. - It was a day of riches at the Berkeley County Commission meeting Thursday. The three commissioners sat down to determine what to do with a $3 million surplus discovered in last year's budget. "This is the best thing that has happened to Berkeley County since electricity," said commission member Ronald K. Collins. Commission member Howard Strauss wanted to put the money in a fund and use it to reduce tax bills for county residents next year.
NEWS
March 29, 2005
Sometimes even if you don't deserve it, you get lucky anyway. That's apparently what has happened to the members of the Maryland General Assembly and the administration of Gov. Robert Ehrlich. Despite a lack of agreement over slot machines and other revenue-enhancing measures, the state's elected officials have managed to gather $400 million in uncommitted funds that they can use to ensure smooth sailing during the 2006 session. That amount is over and above what is a required for the state's "rainy day" fund and according to The Associated Press, it happened not because of any grand strategy, but because the economy improved and citizens kept on playing the lottery.
NEWS
April 13, 2004
In his column this past Sunday, Peter Decoursey of the Harrisburg Patriot-News makes the point that while Senate Republicans and the Democratic governor have both prevented the other side from winning a struggle over taxes, all have ignored both parties' 2002 promise to cut property taxes. Philadelphia Mayor Ed Rendell was elected governor following a legislative session in which the Republican majority borrowed from every possible source - including the state's Rainy Day fund - to avoid raising taxes during an election year.
NEWS
March 6, 2003
Republican state lawmakers' reaction to the budget presented this week by Democratic Pennsylvania Gov. Ed Rendell has been mixed. Some applauded his bare-bones package while others wondered what surprises they'll see when the supplemental budget arrives in three weeks. We hope lawmakers can skip the partisan sniping and work on the budget with a view toward what's best for the state. Last year's legislative priority was not the state's future, but an all-out election-year effort to avoid raising taxes, in part by cutting the state's $1.1 billion Rainy Day Fund in half.
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