VOL. 126 | NO. 159 | Tuesday, August 16, 2011
TN Finance Chief Says Budget Surplus to be Reserve
ERIK SCHELZIG | Associated Press
NASHVILLE (AP) – Finance Commissioner Mark Emkes says Tennessee should hold on to a $28 million general fund surplus as a reserve against a potential downturn in state tax collections.
Emkes said in an interview with The Associated Press on Monday that he wants to guard against the impulse to spend the extra money on hand at the end of the last budget year in June.
Emkes, who is Republican Gov. Bill Haslam's chief Cabinet officer, says showing such restraint will help bolster the state's case for keeping its high credit ratings.
Emkes headed a delegation of state officials who met with ratings agencies Moody's and Fitch in New York last week. While the agencies didn't indicate whether they would change Tennessee's rating, Emkes said the state has a strong case to make.
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