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State cash flow in black; low ebb is today

Post by Brad Shannon / The Olympian on May 19, 2010 at 2:25 pm with No Comments »
May 19, 2010 2:53 pm

That’s the word from state deputy treasurer Wolfgang Opitz. I ran into him near the Capitol today, and he says that the cash flow picture improves from here on out.

“If our state financing wasn’t in the black, I wouldn’t be out here talking to you,” Opitz said.

That’s because property-tax receipts are coming in, lifting the state’s cash position. This averts a fear expressed last December that the state might have to borrow funds to pay bills sometime in the fall. State Treasurer Jim McIntire raised his alarm at that time knowing that lawmakers could avoid trouble by cutting spending and raising revenues, which they did – including tax and revenue increases of nearly $800 million over the next 14 months.

As for how low the financial tide got today, that won’t be known for a few days, according to Opitz. He said the treasury can calculate it more exactly by early next week.

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