The $2.7 billion state deficit no one told you about | Scott Walker for Wisconsin Governor

The $2.7 billion state deficit no one told you about | Scott Walker for Wisconsin Governor: "According to its just-released financial statements, state government closed its 2008-09 books with a $2.71 billion deficit in its general fund.

To many readers, this might come as a surprise. By law, state government is supposed to balance its budget. On paper, it does. However, for more than a decade, governors and legislators of both parties have “balanced” budgets through use of accounting maneuvers, timing delays, borrowing and billions in one-time money.

When the state controller, a CPA, prepares the state’s official financial statements, he must follow generally accepted accounting principles, or GAAP. That means he must reverse the budget gimmicks and accurately represent the state’s true financial condition. When he does this, the budget’s black ink turns red."

"it is the fifth consecutive year that the GAAP shortfall exceeded $2 billion and the ninth that it has topped $1 billion"

"When 2007-08 deficits are compared on a per capita basis, the Badger State had the largest GAAP deficit in the nation ($445 per person), followed by Illinois ($305), Maine ($181), and California ($113)."