State Money Woes are Trying to be Solved
Â Â Â Hundreds of local governments have billions tied up in an investment
account that state officials froze last week. Tomorrow, state leaders will decide how much, if any, the local governments can start withdrawing. Smaller governments, in particular, are having to borrow to make ends meet.
Â Â Â Because of ill-advised investments in the state pool, local governments are suffering and there's just not enough money to pay everybody off
and keep everybody whole. The fund has deposits of about 10 billion dollars right now, but only assets of about 8 billion.
Â Â Â This weekend, state staff worked with a hired consultant to look for ways to keep the fund viable and solvent. A recommendation is expected to be taken up by Governor Crist and other investment board members Tuesday.Â
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