THE WISDOM OF VERNE HAGSTROM ON CAPITAL BUDGETS

The State of Illinois is working up a "Capital Budget". Governmental Entities do this all the time. They say "this much is for our infrastructure and rolling stock". But they really mean "We will spend this much on rolling stock and infrastructure......if we get the money." That kind of Capital Budget is horsefeathers. It's a fairy tale.

Verne Hagstrom used to say "A Capital Budget without a revenue source is like ham and cheese omelet without the ham, or the cheese." He knew the importance of both a spending plan and a revenue source to responsible maintenance of capital property.

Blago and the legislative leadership of both parties should pay Verne a call and find out how a real capital budget works....They should "Give Verne a Turn" at fixing this unbalanced mess.

I don't know what's worse, the dishonest way the leaders are going about this or the breathless way the media are reporting on it, as if it were some real problem-solving.

The wheel has been invented here, boys. Pay attention.