TIME Magazine Recognizes Montana as One of Two States with a Surplus

The June 28, 2010 edition of TIME Magazine http://www.matr.net/files/TIMEMagazineStatesFinancialCrisisJune282010.pdf showed Montana being one of two states with a budget surplus in the article, The Other Financial Crisis.

Montana is one of only a few states with money in the bank. The general fund cash balance today is about $316 million.

“I’ve worked hard to run the state like a business and keep our finances sound. We do face difficult budget times ahead but I’m committed in not raising taxes and living within our means. We have money to pay our bills.”

The Governor also noted that all three bond rating agencies recently affirmed Montana’s double ‘A’ bond ratings and their ‘stable’ outlook.

State savings in addition to the $40 million budget reductions already announced by Governor Schweitzer:

· $3.4 million renegotiating lease rates for commercial space rented by the state.

· $17,000 in savings from Governor and Lt. Governor salary decrease.

· $6 million in savings from cancelled building projects across the state.

· $450,000 in estimated savings through efficiency steps taken by the Department of Livestock in the implementation of the Brucellosis Action Plan.

· $400,000 by rescreening aggregate and using the surplus and obsolete material, rather than crushing new material.

· $18 million cancelling the new unemployment insurance (UI) contribution computer system.

· $4.5 million cancelling renovations of the unused Receiving Hospital Building on the Montana State Hospital Campus.

· $2 million in savings by state government by suspending some wildfire-related equipment purchases and fuels reduction projects in 2010.

· $600,000 not bailing out Swank Enterprises’ clean up liabilities.

· $380,000 over the biennium with the elimination of the RDO positions in Commerce.

· $131,000 in savings from Department of Revenue printing fewer tax booklets.

· $20,000 in estimated saving by not printing a state phone directory. Employees and the public will be able to use the directory online at http://www.mt.gov.