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1
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(Discussion off the record.)
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2
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Experience has shown that had the Board of
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3
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Revenue Estimates not exercised independent judgment in
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4
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the past in the formation of realistic estimates, deficits
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5
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would have resulted, and the State would have found
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6
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itself in financial difficulties. As a result of realis-
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7
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tic revenue estimates, it has been necessary for the
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8
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Chief Executive at times to face up promptly to the need
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9
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for net; tax sources in order to present a balanced budget.
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10
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(Discussion off the record.)
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11
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A Governor running for reelection might be
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12
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tempted, with a controlled Board of Revenue Estimates, to
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13
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hold off a tax increase by balancing his budget on paper,
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14
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which might result in a deficit for the next administra-
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15
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tion.
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16
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The incumbent Comptroller is Chairman of the
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17
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Board of Trustees of the State Employees' Retirement Syster
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18
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Vice-chairmen of the Board of Trustees of the State
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19
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Teachers' Retirement System, and a member of the Board of
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20
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Trustees of the State Police Retirement System.
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21
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These systems administer the retirement funds
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