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Should the Chiles Endowment Be Tapped to Meet the Budget Shortfall?

user icon CIVIC Concern | Jan 05, 2009 | there are 0 comments 0

After Florida's landmark settlement with the tobacco companies, part of the proceeds were used to create the Lawton Chiles Endowment Fund.  For nearly a decade, the Chiles Fund has provided recurring revenue to support health care programs for children and the elderly.  

The Governor and some legislators have proposed tapping the principal of the Chiles Fund to use to meet the current budget shortfall.  Because the fund's assets are invested in long-term securities, the principal has lost nearly half its value in the recent stock market volatility.  If the assets are sold and cashed out now, the principal is likely never to recover.  

Poll

When the Florida Legislature meets to balance the budget, should they tap the principal of the Chiles Endowment Fund to help meet the budget shortfall?
No. The Chiles Endowment serves Florida's most vulnerable citizens, and we shouldn't jeopardize the future of the fund.
Yes. The budget has to be balanced, and the legislature should use whatever funds are availabe to do so without raising taxes.

Votes: 9
See the Results | Permalink to this Poll | More Polls

tags Budget, Chiles Endowment (all tags)


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