'Are You in Denial?’: Senators Confront Finance Officials Over Government Cash Shortages
The stability of the government’s finances have been called into question by members of the 36th Legislature, following a status update by the governor’s financial team before the Committee on Budget, Appropriations, and Finance on Tuesday.
2025-02-20 12:44:54 - VI News Staff
All fifteen senators listened as Finance Commissioner Kevin McCurdy provided the financial update, which included a report of $38.9 million in available cash on hand as of February 7. The general fund contains $26.4 million of that sum. “This cash balance benefited in part from $40 million of transfers in November and December, from the line of $50 million credit into the general fund,” Mr. McCurdy explained. “As of February 7th, $11 million of the $40 million had been repaid with the remaining $29 million forecasted to be repaid by May 2025,” the finance commissioner shared. The $29 million in question was used to “support GVI’s continued operations.”
The amount of revenue collected since the start of the fiscal year on October 1, 2024, totals $298.5 million, of which $247.2 million came directly into the general fund. According to Mr. McCurdy, utility payments under the single-payer fund are being well-managed, and work continues to ensure “timely submission of [federal] drawdown requests.” Meanwhile, the Bureau of Internal Revenue has “fully processed 15,395 units of tax returns totaling $39.9 million in refunds, but these can only be paid “once the funding is permitted.” Accounts payable as of February 7th stand at $66.1 million.
Asked by committee chair to describe the GVI’s financial health in a single word, Mr. McCurdy suggested “stable.” That is a characterization with which Senator Kurt Vialet deeply disagreed.