The Republican Party of Texas is happy to announce that it has reached the milestone of a one year anniversary of being completely debt-free.
Exactly one year ago today, on November 30, 2010, State Chairman Steve Munisteri instructed the RPT accounting department to pay all outstanding liabilities to zero. Since that date, the party has paid all of its outstanding liabilities to zero at the end of every month. In addition, since November 30, 2010, the party's cash reserves have never fallen below half a million dollars.
State Party Chairman Munisteri commented, "I wish to thank all Republicans who contributed to help retiring our debt. These include our small contributors, Grassroots Club members, as well as our key donors (over $1,000) and Chairman's Circle members (over $25,000). In addition, we could not have raised the money necessary without the tremendous support we have received from numerous elected officials. Specifically, I would like to thank our state legislative "DebtBusters" committee, our senatorial and congressional delegations, and of course, the statewide elected officials who have held fundraisers for us, signed letters, and introduced us to donors who also believe in the future of this party."
"With their help, in 2010 we were able to bring in approximately $6.848 million dollars, while only spending $5.932 million. The $5.932 million included $708,451 of inherited debt. It has been my goal to not only retire the party's past debt and end deficit spending, but also to establish a fiscally responsible culture within the Republican Party of Texas. It is not necessary for the state party to deficit spend, even in off-election years when donations drop off significantly."
"The fact that the party has been able to be out of debt an entire year should demonstrate that it will be possible in the future to keep the party debt free, and I hope that whichever Chairmen come after me will continue this practice. Thank you to all of you who have contributed to making the Party financially solvent and fiscally responsible. It is greatly appreciated. Happy Anniversary!"