Kay Ivey's Curious Cash-on-Hand (AL Governor)
Alabama State Treasurer Kay Ivey is considered a long shot for the Alabama Republican gubernatorial nomination, in large part because of financial troubles with the ...
Alabama State Treasurer Kay Ivey is considered a long shot for the Alabama Republican gubernatorial nomination, in large part because of financial troubles with the state's prepaid college tuition plan, which her office administers. In that context, her hefty $1.5 million cash-on-hand showing was impressive -- impressive if you're not familiar with Ivey's history.
Danny at Doc's Political Parlor explains:
Kay Ivey reports $1,561,000 on hand, but she also reports that she loaned herself $1,500,000 on New Year's Eve. This is a regular trick she does. The New Year's Eve loan shows up on the annual report for the year, but she repays the money almost immediately after the New Year so that the money is not really in her campaign account but a few days - long enough to inflate her year-end balance. You can see an example here in this report for 2008 [.pdf]. On January 2, 2008, she pays back a $1 million loan that she made a few days before at the end of 2007. You can see on the same form that she loans herself a million dollars again on December 31, 2008. Three days later, on January 2, 2009, she repays $975,000 [.pdf] but in the meantime reports a 2008 ending balance of $1,003,137.54.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
The Week in Public Finance: Taxes, Drought and a Nod to the Baha Men1 day ago
How Data Can Improve Transit Efficiency1 day ago
Fresno Deputy Police Chief Arrested on Drug Charges1 day ago
States Trying to Figure Out Whether Entertainment Tax Credits Really Work1 day ago
Chris Christie Rails Against Estate Taxes New Jersey Needs1 day ago
Public Defender: San Francisco Jail Guards Forced Inmates to Fight Each Other1 day ago