Topeka, KS (STL.News) Governor Laura Kelly announced the State of Kansas has paid off the long-standing Pooled Money Investment Board (PMIB) “Bridge Loan.” In 2017 the Legislature took out this loan to fill budget holes due to poor fiscal management of the previous administration.
“Government, just like every Kansan, has to balance its checkbook,” Governor Laura Kelly said. “Thanks to three years of fiscal responsibility, we’ve paid off this debt, continue to fund our schools and roads, and we can afford good policy – like axing the state’s food tax – to provide tax relief to Kansas families.”
The Pooled Money Investment Board (PMIB) is a state board that manages and invests the money available from the State General Fund (SGF) and the hundreds of other state and local funds deposited with the State Treasurer.
In 2017, as a result of poor fiscal policy from the previous administration, the state was forced to borrow a “bridge loan” – a loan of over $300 million from the Pooled Money Investment Board to fill budget holes. The budget had to meet cash flow requirements per state law.
“Because of Governor Kelly’s leadership and due to her prudent fiscal decisions, the budget has not only stabilized – but reenergized the economy,” Budget Director Adam Proffitt said. “Kansas is now in a position to pay off the loan two years ahead of its original schedule – and that’s no small task, especially during uncertain economic times.”
Even with paying off the loan two years ahead of schedule, Governor Kelly has been able to:
- Fully fund Kansas’ schools 3 years in a row;
- Create over 30,000 jobs;
- Bring in over $7 billion business dollars invested in Kansas;
- Implement a statewide bipartisan infrastructure program that created more than 130 infrastructure projects to improve our roads, bridges, and broadband accessibility.