The Taxpayer’s Fiscal Charter that I am proposing does just that.  It is a realistic and responsible approach to reforming the way we do business in Springfield.  At its core, the Charter is about the responsible fiscal stewardship of your tax dollars:

The Charter

1.        A two year freeze on discretionary spending.  No new programs and no expansion of existing programs for two years.
2.       After the two year freeze, there shall be no new programs and no expansion of existing programs until the state’s annual payment cycle for existing obligations is 30 days.
3.       Furthermore, there shall be no new programs and no expansion of existing programs without a full pension payment per the 1995 plan implemented by Governor Edgar.
4.       The implementation of Pay As You Go.  Any new spending initiative must be accompanied by the revenue (or specified cuts) necessary to sustain the proposal.
5.       No unfunded mandates to schools or other units of government.  If any proposal is important enough to mandate, then it should be important enough to fund.
6.       The implementation of The Truth in Accounting Act which requires the publication of the State’s estimated income, balance sheet, cash flow and surplus or deficit prior to passing any appropriation bills.  It also requires the electronic publication of all appropriation bills 72 hours before any vote is taken.

While this Charter will not solve the philosophical debate of “more taxes” vs. “more cuts,” it will ensure that once that debate is settled, our state’s expenditures will not exceed our revenues.  More on Watson's charter here and the text of the proposed Truth in Accounting Act is here.