Fund transfers reflect condition of state budget

The state’s approval this week of $700 million in budget transfers will enable it to make payments to school districts and pay tax refunds. That’s good. But the transfers also reflect the rocky condition of state finances, which has already required $160 million in allotment cuts this month and still has no margin for error. Authorizing certificates of indebtedness in July isn’t unusual. But this year’s transfers are about double the normal amount.