State approves borrowing $675 million

6/20/2014

By Bryan Lowry

By Bryan Lowry

The Wichita Eagle

TOPEKA (MCT) — The State Finance Council has approved borrowing $675 million in the next fiscal year to help cover expenses when revenue is low.

Budget Director Shawn Sullivan has said this move is typical, adding the state has done it every year since 2000. Last year, the state borrowed $300 million. In 2009, during the depths of the recession it had to borrow $775 million. The money must be paid off before the end of the fiscal year for which it is borrowed.

The state's cash balance as of today is $294 million, according to Elaine Frisbie of the budget division. Frisbie says state will have around $425 million when this fiscal year ends June 30.

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