Democratic gubernatorial candidate Richard Moore's latest ad contrasts his handling of the state pension fund with Beverly Perdue's business record, Ben Niolet reports.
What the ad says: Moore: "I'm Richard Moore, candidate for governor, and I sponsored this ad." Announcer: "A trusted manager, Democrat Richard Moore built the nation's second-best retirement fund. Governing magazine named Moore a public official of the year. And the boldest plan to fix our economy. And Bev Perdue's record? Her business paid taxes late 92 times. Perdue's business even had its license suspended after failure to pay state taxes. If Bev Perdue can't manage her own business, how can she manage the state?"
The background: As treasurer, Richard Moore oversees a $77 billion pension fund. That fund was ranked second this year by Standard & Poor’s in its ability to pay its obligations. Moore was one of Governing magazine’s Public Officials of 2004. He was cited for his pressure for reforms on Wall Street. The claim about Moore’s plan to stimulate the economy is subjective.
Perdue is part owner of Quail Woods Village in New Bern, a real estate development company. According to Craven County tax records, the company was delinquent on property taxes 92 times between 1997 and 2005. The delinquencies cost the business nearly $2,000 in interest and another $200 in fees.
David Kochman, a Perdue spokesman, said in e-mail that the company bought a large tract in Craven County and subdivided the tract into more than 80 smaller lots. Quail Woods was late in paying some of its property taxes because each tract had its own tax bill, Kochman said.
In 1996, the company did not file a tax return because it had no income, Kochman said. But the company was required to file a return because it owed a $210 franchise tax. The oversight led the secretary of state to suspend the business license for Quail Woods Village. Kochman said the business was not notified of a problem until 2004. The issue was resolved soon after, Kochman said.
Is the ad accurate? Yes.