Another state record: most internal borrowing

Another sign that the state’s budget problems aren’t over: Gov. Sam Brownback and legislative leaders voted Friday to issue a record $840 million in certificates of indebtedness. This internal borrowing is a way for the state to manage its cash flow and pay its bills. The previous record for borrowing was $775 million in 2009, when the state was battered by the Great Recession, the Topeka Capital-Journal reported. Senate Minority Leader Anthony Hensley, D-Topeka, said “incompetence and mismanagement” of the budget led to a trifecta: “the longest session in history, the largest tax increase in history and, now, the largest certificate of indebtedness in history.” – Phillip Brownlee

This story was originally published June 29, 2015 at 7:05 PM.