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Rep. Jim Hackworth - House District 33
IMMEDIATE RELEASE January
10, 2008
Hackworth Hits Ground Running
with First Week of Session
Committees immediately
convene to talk about important issues
NASHVILLE (Jan. 10) – It was all business for the state
House of Representatives as the second session of the 105th General
Assembly got underway on Tuesday. The House Finance, Ways & Means
Committee immediately went to work, receiving an update from Finance and
Administration Commissioner Dave Goetz and Treasurer Dale Sims on the
potential shortfall in this year’s state revenues.
“Our first priority as state legislators is to be good
stewards of the people’s money,” said Rep. Hackworth (D-Anderson Co.).
Commissioner Goetz informed House Members that projected
revenues are slated to be short by approximately $150 million.
Commissioner Goetz attributed the shortfall, in large part, to Franchise
& Excise Taxes that were refunded due to “mortgage backed securities”
directly connected to the sub-prime mortgage crisis. Treasurer
Sims added that the “corporate profit outlook is not what it was a year
ago.” More specific numbers from the fourth quarter of 2007,
including revenues generated during the holiday season, are expected to
be released later this month.
Legislators will now have to take a hard look at the
upcoming fiscal budget, as well as the revised expectations of revenues,
and decide what actions will need to be taken in order to produce a
balanced budget.
“Unlike Congress, we are required to pass a balanced
budget each year and we have consistently passed a balanced budget,”
said Hackworth. “Last year was an unusually good year in terms of
revenues, and thankfully we put $250 million in our Rainy Day Fund,
raising it to the highest total in Tennessee’s history. I don’t believe
we’ll need to tap into our fund this year, but it should give
Tennesseans peace-of-mind knowing we’re prepared for hard times.”
“Education is the key to a child’s success in life,”
said Hackworth. “Last year we passed important legislation
that increased education funding for K-12 schools across this state.
With over $347 million in new funding, including $3,466,000 for Anderson
County, $349,000 for Clinton City and $1,963,000 for Oak Ridge City, we
are taking strong steps to help improve our state’s education system.”
In addition to BEP funding, House Democrats will be
looking for ways to expand opportunities for more Tennesseans to achieve
the dream of a college degree. Currently the HOPE Scholarship
Lottery Fund has a surplus of over $400 million.
“With a $400 million surplus in lottery funds, we must
take a look at how those dollars can give more students the chance to
succeed in college. Non-traditional students, returning veterans,
and many more can benefit from tuition assistance, and it’s our job to
make that happen,” said Hackworth.
In addition to the budget and education, the House
Democratic Caucus is expected to meet later this month and finalize its
agenda for the year, Hackworth said.
CONTACT:
Kenneth Townsend, Press Secretary, House Democratic Caucus, at
615-741-6620 or email
kenneth.townsend@legislature.state.tn.us
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