Panel To Discuss Borrowing From Florida Tobacco Fund
Panel To Discuss Borrowing From Florida Tobacco Fund Save Email Print
Posted: 9:32 AM Nov 20, 2008
Last Updated: 9:32 AM Nov 20, 2008
Reporter: Associated Press

A | A | A

TALLAHASSEE, Fla. (AP) -- The State Board of Administration will discuss a plan to borrow money from the state's tobacco settlement trust fund to help Florida avoid an unconstitutional budget deficit.

The board, which oversees state investments, will meet Thursday.

Gov. Charlie Crist, who chairs the board, and a special legislative committee have the power to borrow up to $1 billion from the fund that invests tobacco money for future use on health care programs. The looming budget deficit my exceed $2 billion.

Borrowing from the fund, though, could virtually wipe it out, says Chief Financial Office Alex Sink, a member of the investment board.

It recently dropped in value from $2.1 billion to $1.5 billion due to declines in the stock market.

More Stories
Coast Guard finds human remains among plane debris

State has 7 reported cases of swine flu deaths

BFGoodrich fined after losing radioactive material

Coast Guard searches Gulf coast for missing plane

Citizens Property Insurance Board Approves 10 Percent Increase

Hundreds camp out for jobs for Marlins ballpark

8-foot alligator captured in South Florida pool

Gov. Crist Urges Caution During Lightning Storms

Post Your Comments
First Name:
Location:
Enter Comments: characters left
Email (optional):
By posting this comment I have read and agree to the Terms of Use and Privacy Policy:
You must agree to the Terms of Service to continue.