Statement of Governor Sonny Perdue Regarding DOT Board Action on Accounting Methods

ATLANTA – Governor Sonny Perdue issued the following statement today regarding actions by the DOT Board in defying the State Auditor and voting to change the department’s accounting methods:

“Today’s action by the DOT Board exhibits a clear defiance of state law and a frightening lack of concern for our state’s financial systems.

The state’s finance team, along with SRTA, identified an opportunity to refinance outstanding bonds for road projects and save DOT a total of $22 million in debt service, including $16 million in FY 2011. Given the uncertainty that has now been unnecessarily created by the Board, we cannot proceed with the refinancing at this time.

The Board is refusing to heed the sound advice of the State Auditor and the department’s own legal and financial staff. Previous Attorney General opinions also make it very clear that the department must follow the same accounting procedures as the rest of state government.

While I am incredibly frustrated that we are forced to pass up a substantial savings opportunity, I am more concerned that this Board continues to act irresponsibly and show such little regard for the state’s conservative fiscal management policies.”

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