During the fiscal years for which Sarah Palin exercised budgetary authority as Governor of Alaska, the State's General Fund averaged an annual surplus of more than $2.6 billion (up from her predecessor's average of $1.0 billion), amounting to 24.4% of average revenues over the same period.
Among the records of other current or former governors in the GOP field, Mitt Romney's tenure in Massachusetts comes closest, with an average annual surplus of $897 million, equal to 3.92% of average revenues. During Rick Perry's term, Texas has averaged a surplus of $643 million, or 1.00% of average revenues. Minnesota’s General Fund averaged a surplus of only $7 million, or 0.04% of revenues, under Tim Pawlenty. During Jon Huntsman’s governorship, Utah’s General Fund ran an average annual deficit of $1 million, or -0.03% of revenues.
At the close of Gov. Palin’s final fiscal year, Alaska’s General Fund had grown to $15.5 billion, equal to 158% of yearly revenues.
Mitt Romney left Massachusetts with a balance of $4.9 billion, or 19% of revenues. Jon Huntsman left Utah with a balance of $648 million, or 13% of revenues. In Rick Perry’s latest fiscal year, Texas’s General Fund amounted to $8.4 billion, or 10% of revenues. Tim Pawlenty left Minnesota with a balance of -$886 million, or -6% of revenues.
Average Annual State General Fund Surplus/Deficit
as Percent of Average Revenues
as Percent of Average Revenues
Average Annual State General Fund Surplus/Deficit
Fiscal Year-End Balance of State General Fund
Final Year State General Fund Balance as Percent of Revenues
Candidate | Largest Surplus | Largest Deficit | Average Annual Surplus/Deficit | Average Revenues | Surplus/Deficit (% of Revenues) |
Palin FY08 – FY10 | $6.979 Billion (FY08) | -$292 Million (FY09) | $2.633 Billion | $10.790 Billion | 24.40% |
Romney FY04 – FY07 | $1.570 Billion (FY05) | -$23 Million (FY07) | $897 Million | $22.896 Billion | 3.92% |
Perry FY02 – FY10 | $5.230 Billion (FY06) | -$2.452 Billion (FY03) | $643 Million | $64.433 Billion | 1.00% |
Pawlenty FY04 – FY10 | $746 Million (FY06) | -$1.096 Billion (FY10) | $7 Million | $15.258 Billion | 0.04% |
Huntsman FY06 – FY10 | $215 Million (FY06) | -$236 Million (FY09) | -$1 Million | $4.718 Billion | -0.03% |
Sources
Comprehensive Annual Financial Reports available from the following online sources:
The beltway, legacy media is as much to blame for the downgrade as the Congress or President, if not more so. For example, they fiddled over Palin’s Alaska emails while our economy burned. The Tea Party was talking about the Debt Ceiling even more the 2010 election. The elite punditry class waited until the supposed deadline was looming.
ReplyDeleteThe Fourth Branch of government is even more odious than the 1st and 2nd in this matter.