Signs of money woes

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U.S. District Courthouse for the Southern District of Texas, Houston

Houston – There are clear indications that both federal and state governments have extreme trepidation about financial collapse, and these indicators have been in place since the worldwide economic collapse of 2008.

Who didn’t have at least a moment of anxiety as the Dow Jones tanked in those dark days? Who didn’t look with some trepidation at downsized 401(k)s? Not Mike Milby, clerk of court in the Southern District of Texas, and 25 of his fellow clerks. Milby oversees a nearly $3 billion fund for the Judiciary that sailed through the downturn. “We didn’t have to worry about our money,” said Milby. Here’s why.

Back in the mid-1980s, Texas was in the midst of its own financial crisis, complete with the largest number of bank failures since the Great Depression. The clerk of court in the Southern District of Texas, like clerks in federal courts nationwide, served as the custodian for monies belonging to litigants, witnesses, and other participants during litigation, opening individual accounts at local banks for every case. For example, if an insurance company knew it would owe money to people in a case, the money would be held in an interest-bearing account until the case was decided and the parties received their money. The clerk of court would be responsible for the proper collection, maintenance, accounting, and disbursement of all monies.

At the time, Milby was a young financial administrator in the Southern District of Texas. “Enough banks were failing,” he recounts, “that our clerk of court Jesse Clark said he was having trouble sleeping at night, worrying about the safety and accessibility of our accounts.”

That’s when Milby came up with the idea of the Court Registry Investment System (CRIS). Essentially, CRIS pools all the money scattered among individual accounts and deposits it in the U.S. Treasury, buying Treasury bills, without depositing registry funds at a private financial institution.

To read more, follow this link:

http://www.uscourts.gov/News/TheThirdBranch/081101/A_Safe_Secure_Means_of_Investing_Try_CRIS.aspx

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The State of Texas at the State-level has approximately $53.77 billion of the taxpayer’s money it is not using, i. e. surpluses equal to $2,417 for every man, woman and child in Texas or $9,670 for a family of 4. This does not include all the additional surpluses that exist in the school districts, cities, or counties in Texas.

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(AUSTIN) — Texas Comptroller Susan Combs said today that state sales tax revenue in October was $2.41 billion, up 12.9 percent compared to October 2013.

“Strong growth in sales tax receipts was apparent across all major economic sectors,” Combs said. ““Notable increases from retail trade and the oil and natural gas-related sectors led the growth, indicating increased spending by both consumers and businesses.”

Combs will send cities, counties, transit systems and special purpose taxing districts their November local sales tax allocations totaling $723.1 million, up 10.5 percent compared to November 2013.

To read more, follow this link: 

http://www.cafrman.com/Articles/Art-TX-S1.htm

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