"Having said that, the surpluses can also represent a large problem," Mr. Cogan said.

And this year's surplus of $445 million represents the first positive balance for the city in a decade - eradicating a debt of more than $300 million.

The tax cut has been justified with the argument that the surplus represents excess money that belongs to the taxpayer.

To the extent that they are used to reduce federal debt held by the public, surpluses represent an opportunity to increase national saving.

Today's surplus represents both opportunity and obligation.

Such a surplus was inherent in the system and did not represent an abuse in itself.

The surplus, the first for a full month this year, represented a reversal from a deficit of $514 million in March.

The surplus represented a net addition to the stock of wealth.

For parents and principals, the two surpluses - which total $226 million, or about 3 percent of the board's $8 billion budget - represent a bittersweet surprise.

The German surplus, and corresponding deficits in every other Community country except Ireland, represent a structural problem for the entire Community.