surplus account

Sometimes money that the administration skims from surplus accounts is spent outright.

I quiz him about another Reserve, then we move to the Surplus accounts.

Under one, the Administration would change the rules governing policyholder surplus accounts, which are extra reserves that can be called on to pay policy claims.

For example, if a bank's retained earnings or surplus accounts fall below zero, its debt issues would be converted to common or preferred stock.

"Although the surplus account is intended to absorb possible losses, the Federal Reserve has recorded substantial net profits for 79 consecutive years," the report said.

In 2007, lawmakers in Oregon succeeded in diverting funds from the corporate kicker to a surplus account called the rainy day fund.

Instead, he put two-thirds of that amount into surplus accounts and into financing tax reductions that were frankly aimed at the top 5 percent of taxpayers.

The Whitman administration proposes to pay off the liability entirely now with the proceeds from a bond sale and with $800 million from the pension system's surplus account.

A Defense of the Practice But executives at healthy insurance companies say that the approach can have legitimate uses, as when a company has suffered a temporary drain from its surplus account.

Under the newly adopted budget, $10 million was taken from a surplus account, and sales tax revenue estimates were revised by $4 million, matching an analysis by the state comptroller's office.

They said the money would cover $32.6 million in raises negotiated with unionized state workers, provide $20 million to purchase materials and supplies and put about $30 million in a surplus account.

Other analysts said LIPA would have to borrow to cover the unpaid costs or perhaps dip into surplus accounts that some critics said it had collected with a secret surcharge.

Mr. DeMarino also emptied surplus accounts, overestimated revenues and failed to budget enough money for a costly labor deal and pending tax appeals, Mr. McGreevey says.

The Senate leader, who is expected to seek the Republican nomination for governor in two years, said the money would come from the state's Rainy Day Fund, a surplus account earmarked for emergencies.

As M.A.C. paid off its initial, high-interest bonds with the proceeds of new, lower-interest obligations, the amount needed to pay interest declined and some of the sales tax set-aside entered a surplus account.

The U.S. Code draws the line at 50 percent of the financial institution's capital and surplus account, and they had decided to invest as much in that building, literally, as First National's entire net worth.

Mr. McGreevey defended his handling of the town's fiscal woes by saying the previous administration had emptied surplus accounts, overestimated state aid and failed to budget enough money for a costly labor agreement and pending tax appeals.

Mr. Littell blamed Mr. Florio's decertification of millions of dollars in anticipated Medicaid reimbursement funds for the low surplus account and said it forced the Republicans to consider the shifts to build up the reserve.

He has recommended that the Legislature either authorize some internal borrowing from surplus accounts, such as a sewer escrow fund, or reconsider a revised version of the deficit reduction package proposed earlier this year by the County Executive, Robert Gaffney, a Republican.

Since the bond proceeds would cover the pension system's unfunded liability account, Mr. Clymer said he would then be able to free up about $510 million more from the pension system's surplus account to reduce the state's overall contribution to the pension system.

Even though his administration has tried to insulate the city against an economic downturn by basing the budget on conservative revenue estimates and by creating a budget surplus account, Mr. Giuliani said, it is necessary to tighten the budget because of the national economy's recent "sputterings."

The state agency, the Emergency Financial Control Board, rejected this strategy, saying that experience indicated that the city might not use the money for school construction and that heavy withdrawals from the surplus account would jeopardize Yonkers's chances for balanced budgets over the next three years.

State of 'Fiscal Crisis' Ms. Shaffer, facing the Council's passage of a proposed budget two weeks ago that included using most of the surplus account for school construction, declared the city to be in a state of "fiscal crisis," a move that enabled the control board to impose harsh measures.