Without the tobacco money, the state faces the prospect of delaying payments of about $1.7 billion to localities.
"Treasury considered asset sales; imposing across-the-board payment reductions; various ways of attempting to prioritize payments; and various ways of delaying payments," the report said.
Last summer, "Treasury considered asset sales; imposing across-the-board payment reductions; various ways of attempting to prioritize payments; and various ways of delaying payments," a department report said.
Also in Maine, the judicial branch anticipates a three- to six-week period of delaying payments to vendors and lawyers, coinciding with the term ending the fiscal year.
While the report called New York's practice of delaying payments to its pension fund a "gimmick," Morris Peters, a spokesman for the state's budget division, said that the state was not relying on any new gimmicks.
The organisation blamed its demise on a policy of delayed payment by the Legal Services Commission [LSC], which runs the legal aid system in England and Wales.
Other measures he suggests for minimising the risk of delayed payments involve flexibility around credit terms.
Table 10 explains the relationship between 'kinsfolk's business experience' with the 'problem of delayed payments of bills to creditors faced by women entrepreneurs' manifested in Table 7. Further, if women entrepreneurs have kinsfolk in business then they become less susceptible to face the problems of delayed payment of bills to creditors.
It has stayed afloat only by resorting to a series of increasingly desperate measures, from raiding the coffers of municipalities to delaying payments to suppliers.
The second technique allows someone with a large profit from an investment, especially a single stock, to buy a diversified portfolio of securities and to delay payment of the tax for up to 20 years.
