THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, September 13, 1995 TAG: 9509130001
SECTION: FRONT PAGE: A12 EDITION: FINAL
TYPE: Editorial
LENGTH: Short : 44 lines
As then-Gov. L. Douglas Wilder frequently reminded Virginians, Financial World magazine ranked the commonwealth first in fiscal management in 1992 and 1993.
The magazine, which claims a circulation of more than half a million, skipped the ratings last year, but this year Virginia finished . . . (envelope please) . . . second.
A Democratic press-release headline expressed horror: ``Management Rank Drops Under Allen Administration.''
In fact, Virginia was one of only two states to receive straight A's in the magazine survey. Utah barely nosed it out for first.
In short, according to the magazine, Virginia remains financially well run. The magazine said of the commonwealth:
``Revenue estimates are close, agencies don't spend more than they have and the budget is carefully balanced - not an easy task given the huge loss of defense jobs and a $351 million out-of-court settlement to equalize tax treatment of federal retirees. Above all else, this state studies what it does.''
The magazine also said, ``New Republican Gov. Allen wisely chose to retain his Democratic predecessor's finance director and excellent management systems.''
The magazine was referring to Paul W. Timmreck, secretary of finance for Wilder and Allen.
Virginia is one of only five states with a perfect AAA credit rating, and its state and local tax burden - $192 for every $1,000 of income - was fifth-lowest in the nation. Furthermore, Virginia was one of only two states that did not raise tax rates during the recent recession.
Democrats can rail against the Republicans, and Republicans can rail back, but both Democrat Wilder and Republican Allen, not to mention the legislators, have managed the state's finances prudently - amply aided by Timmreck. May the next governor have the good sense to retain Mr. Timmreck's services. by CNB