2002 Signature 2002 Veto 2002 No Action 2001 Veto 2001 No Action 2000 Signature 2000 Veto 2000 No Action 1999 Signature 1999 Veto 1998 Signature 1998 Veto 1998 No Action 1997 Signature 1997 Veto 1996 Signature 1996 Veto 1995 Signature 1995 Veto 1995 No Action		July 3, 1995 TO THE HONORABLE, THE SPEAKER OF THE HOUSE OF REPRESENTATIVES: In accordance with the provisions of R.I. Gen. Laws § 43-1-4, I am transmitting herewith, with my disapproval, 95-H-6191, "An Act Relating to Public Finance - State Funds." This act, and its identical companion, 95-S-779, "An Act Relating to Public Finance -Indirect Cost Recoveries," would exempt from indirect cost recovery cash restricted receipts received from the Rhode Island Housing and Mortgage Finance Corporation. In 1993, the General Assembly enacted Section 35-4-27 of the General Laws, which requires that all cash receipts for restricted receipt accounts, except those accounts specifically exempted, would be subject to a surcharge of seven percent (7%) to be transferred to the general fund. The purpose of this surcharge is to ensure that all costs are recovered from these user-cost accounts, including indirect costs relating to accounting, payroll, and purchasing. Indirect cost recoveries result in substantial general revenues. There is no compelling reason for exempting cash receipts of the Rhode Island Housing and Mortgage Finance Corporation from indirect COST recovery requirements while leaving dozens of other accounts subject to the requirement. The indirect costs connected with all restricted accounts should be recovered. Each additional restricted account exempted from indirect cost recovery will likely lead to requests for further exemptions, thereby contravening the intent of the statute and depleting general revenues. For the foregoing reasons, I disapprove of this legislation and respectfully urge your support of this veto. Sincerely, Lincoln Almond Governor