Texas Senate's Accounting Trick May Be Technically Legal But It's Wrong

The accounting trick the Texas Senate is using to wiggle out of budget cuts may be technically legal, but it's still wrong.This take-responsibility-defying contortion act involves delaying a $2.5 billion payment of sales tax revenue to the state highway fund — but allowing the credit to nonetheless appear on the Department of Transportation's financial ledger.All that to avoid doing the responsible thing and, as the House budget proposes, using money from the Texas rainy day fund to make ends meet.Supporting a withdrawal from the state savings account, which is made up of tax money from oil and gas production, is not something we come to gladly. But we've backed dipping into the fund before, when basic needs demanded dollars not available elsewhere.  Continue reading...