Texas Board Hoards Millions Amid State Budget Gap

DALLAS (AP) –  A Texas regulatory agency is sitting on a pile of cash that can't be touched by lawmakers even as the state tries to cope with a $27 billion budget shortfall.

Records examined by The Associated Press show that the Texas State Board of Public Accountancy has been stockpiling millions of dollars for the better part of a decade.

Under a pilot program that gives the board financial autonomy, the surplus can't be tapped by the cash-strapped Legislature.

Since 2002, the board's balance has grown from about $500,000 to more than $5 million as it has operated as a self-directed, semi-independent agency.

Six other agencies have received similar status under the program but haven't built up massive balances.

Executive Director William Treacy says the surplus has helped curb corporate wrongdoing.

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