Should the Chiles Endowment Be Tapped to Meet the Budget Shortfall?
CIVIC Concern | | 
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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.
