Texplainer: What Is Texas' Rainy Day Fund For?
Hey, Texplainer: Just what is the Rainy Day Fund and why can't lawmakers use it to help close our big budget shortfall?
Its boring (real) name is the Economic Stabilization Fund. It was established in 1989 after the oil bust, and it's basically a giant savings account. The fund is replenished every year with natural gas and oil tax revenues. Any tax revenue taken in above the amount collected in 1987 is split: 25 percent goes into the state's general fund and 75 percent is deposited in the Rainy Day Fund. The comptroller estimates the fund will ...
Comments (4)
Mike Openshaw via Texas Tribune on Facebook
Because the 'thunderstorm' is just getting started and the only way to keep from drowning is shutting down the flow (spending). Look at project SPENDING into the future (with no guarantee that revenue would EVER catch up).
Erika Holzinger via Texas Tribune on Facebook
I want texas to be the next california so texans will stop saying that california will fall into the pacific.
Nancy Gambill Froment via Texas Tribune on Facebook
With all the proposed budget cuts for school districts mayb e there's finally hope for a Bexar County Consolidated School District.
Nancy Gambill Froment via Texas Tribune on Facebook
The county could save millions by eliminating the multiple school boards, curricula, administrative staffs, and general redundancy! The best part of it is that the level of education the kids would get would rise in many areas while not affecting the rest. Teachers pay would not suffer and actually increase in many areas.
The biggest obstacle will be to get all those Bds of Educ members to be willing to put the kids before their cushy jobs and well padded salaries. At least we can dream!! One last thought - it should also help our property taxes, too.