In the event that both bills are upheld and an agency elects to stay in existence, Fitch will look at the effect on cash flows and unencumbered balances
of making the required payments to the state.
Cash reserves are notably strong with unencumbered balances
in excess of $200 million, translating to 665 days cash on hand, as well as separate balance of passenger facility charge (PFC) funds equal nearly another $200 million.
Reserve levels slipped marginally in fiscal 2003 as a result of state cuts, but unencumbered balances
have remained above state guidelines for the past six fiscal years.
in the general fund and capital reserve accounts have averaged more than 9% of spending since 1996.