December 17, 2008

Pooled Money Investment Board Freezes Fund Releases

Today the Pooled Money Investment Board (State Treasurer, State Controller and the Director of the Department of Finance) froze any new state funding for infrastructure projects.  This means any school project awaiting a state fund release will not receive that fund release.

The Board did reserve $500 million for potential release in early January.  However, schools should not rely on an expectation that any of the $500 million will be available for school projects.  Instead, I expect the first priority for that money will be for state projects that are under contract and requiring contract payments.

~Dave Walrath

dwalrath@m-w-h.com