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| October 11, 2001 The Lone Tree Reporter |  |
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Lone Tree Reporter, October 11, 2001 Local News Page 9
heriff's
Lone Tree
Friday, September 28 -
02 pm, 111 East
0Ugherty Dr., 11-year-old
ghter had not shown up
rn school.
'tt i: Saturday, September 29
2:46 a.m., 101 1/2 West
0ricer Rd., male has left,
raale is scared for when he
'es back home.
5:19 p.m., 201 West Jayne
large white dog, will not
t the complaintant get into
er vehicle. Dog appears to
aggressive.
Monday, October 1 -
11 p.m., 110 North Perkins
vehicle parked in com-
yard (white pas-
car).
Coats Last year"s ending balance
for kids reflects economic downturn
Cold weather is aiJproach-
ing and Masons are needing
winter garments for our local
kids. Please check your clos-
ets for any unused articles of
winter apparel.
Notice to families having
garage sales: Please consider
donating any kids winter coats
you have, or perhaps the
unsold garments, to our
"Coats for kids" program.
Remember, these coats will be
returned to kids in the Lone
Tree Community', at no cost to
them.
If you wish to make a dona-
tion, do so at L.T. Grocery or
Coleen Westfall at the school
elementary office. Otherwise,
contact me, Jack Martin, or
any other Mason, for delivery.
The clothing will be cleaned
at Concord Custom Cleaners
in Iowa City and returned to
Lone Tree for distribution.
Your contributions will be
greatly appreciated;
Advertise in
the Lone Tree Reporter
629-5207 for more information)
Despite spending $3 million
below legislatively appropriated
levels, the severe downturn in
the national and state economy is
responsible for the state's rev-
enue to fall $59 million below
projections in state fiscal year
2001.
As steps are taken to closeout
state fiscal year 2001, more than
$405 million-remains in the
state's reserve accounts.
Unaudited statements
released today by the department
of management show expendi-
tures fell below budgeted
amounts by $3 million, but dra-
matic and unexpected drops in
revenue created a deficit of $59
million. Corporate
income tax, personal income tax
and sales tax represented most of
the shortfall. No one foresaw the
severity of the revenue shortfall.
"No one expected revenue to
drop so far, so fast," said Cynthia
Eisenhauer, director of the
department of management.
"Officials with the federal gov-
ernment also missed the shortfall
in national revenues."
The state's reserve accounts
have been used for cash flow
purposes since they were creat-
ed, and will be used to cover this
$59 million shortfall, according
to a ruling by Attorney General
Tom Miller.
Even though the state fiscal
year officially ended on June 30,
2001, the department of revenue
and finance collects tax pay-
ments and other receipts that are
paid after June 30, but represent
fiscal year 2001 liabilities. The
department also pays bills
received after June 30, for serv-
ices received during fiscal year
2001. Once the receipts are col-
lected and the bills are paid, the
books are closed and the final
results are audited and published
in the Comprehensive Annual
Financial Report (CAFR) in
December. '
"Iowa's financial condition is
strong, especially compared to
other Midwestern states," she
added:
"Wisconsin, Michigan,
Nebraska, Missouri, Indiana and
Ohio are suffering similar eco-
nomic situations."
Economic forecasters in these
states also missed the extent of
the
deficit-the result of a slowing
national economy that has hit the
Midwest particularly hard.
Revenue from income taxes, cor-
porate taxes, and sales taxes
were much lower in the second
half of the year than anticipated,
resulting in Iowa's largest drop
in revenues in 18 years.
Wisconsin sold its tobacco
settlement proceeds and used the
resulting $450 million to balance
the budget (Milwaukee Journal
Sentinel, 9-27-01). Michigan
projects $500 million deficit
(Detroit News, 8-23-01 ).
Missouri's governor says that
state department will have to cut
as much as $220 million from
their spending plans for the cur-
rent year (Kansas City Star, 8-
23-01).
The state of Indiana has
drained its rainy day funds and
its governor ordered 7 percent
across the board cuts (exempting
education and property tax
relief) to help cover its deficit
(Indianapolis Star, 8-16-01).
Ohio faces a projected $1 billion
shortfall over the next 21
months, according to
that state's governor (Cleveland
Plain Dealer, 9-27-01).
According to a report pub-
lished by the Nelson Rockefeller
Institute of Government, state
tax revenue growth in the last
quarter was the weakest in eight
years. The economic slowdown,
which previously had been con-
centrated
in the Midwest and Southeast,
has now spread to nearly the
entire county.
I
Do you know any of these winners? i
OF $6,079,262 IN PRIZES!
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$100,000 Winner!
Winner Retailer
$100,000 Joan Doe Drug Town Cedar Rapd
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instant (scratch)
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$1,OOO claimed at
iowa Lottery offices.
Player Information
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within 365 days from the date of the drawing. Pick 3,
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