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Crist Pitches Raiding Tobacco Fund To Balance Budget
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Published: November 20, 2008
TALLAHASSEE - Gov. Charlie Crist says he still may propose borrowing from the state's tobacco settlement trust fund to help avoid a budget deficit even though the fund has lost nearly half its value.
State Board of Administration executive director Ash Williams told the panel Thursday it has dropped from $2.1 billion to $1.1 billion since June due to stock market declines.
Tapping the fund would mean selling assets in that low-price environment, which is counter to smart investing strategy, Williams said.
Crist, who chairs the board, said he considers the fund, though, to be a reserve. It invests tobacco money for future use on health programs.
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