Rainy Day Fund

Without an infusion of new money to cover mounting liabilities, Hegar warned, credit agencies are likely to downgrade Texas’ credit rating, which would make it more expensive for the state to borrow money — and perhaps damage the state's business climate.

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On this week's TribCast, Emily talks to Evan, Patrick and Edgar about Land Commissioner George P. Bush walking back statements on Hurricane Harvey relief and the Rainy Day Fund, and the Texas AFL-CIO's decision not to endorse Beto O'Rourke over a convention the Democratic U.S. Senate candidate missed. 

 

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Hurricane Harvey probably won't wallop Texas’ economy in the long run, Comptroller Glenn Hegar said. But the state’s response to the storm could ultimately mean a multibillion-dollar hit to the state budget.

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Southeast Texas leaders told state lawmakers on Wednesday that they don't have enough money to carry out major flood control projects on their own. They also advocated for a collaborative, regional approach to flood control.

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The governor said if the state needs to tap the Rainy Day Fund for Harvey recovery, it won't be until the next legislative session in 2019. 

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Gov. Greg Abbott said Friday another special session of the Texas Legislature won't be necessary to deal with the response to Hurricane Harvey. The Legislature isn’t scheduled to meet again until January 2019. 

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A proposal to dramatically reshape the state’s savings account to set aside more funds for tough economic times has effectively died in the final days of the legislative session.

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The Texas House approved legislation Wednesday that would overhaul the way the state stows away money for tough economic times, advancing a proposal championed by Comptroller Glenn Hegar. 

 

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The Senate doesn't like the House's hit on the Rainy Day Fund. The House doesn't like the Senate's delay of a deposit into the state's highway fund. Neither wants to raise taxes. But all is not yet lost — unless they want to fight about it.

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Texas Comptroller Glenn Hegar wants to reshape the state's Rainy Day Fund, aiming to get more bang for those stowed-away bucks. 

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The state has a Rainy Day Fund with billions of dollars in it, but Texas lawmakers would rather use accounting tricks to balance their next budget.

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If Texas legislators cut the state budget this year, it won't be because they didn't have the money. It'll be because they didn't want to spend the money they have.

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The proposal from state Rep. John Zerwas would withdraw about $2.4 billion from the Rainy Day Fund.

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The proposal from state Rep. John Zerwas, R-Richmond, would pay down bills coming due for several of the state's health and human services programs.

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Facing a shortage of cash, will Texas lawmakers tap the $10 billion piggybank known as the Rainy Day Fund?

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The Texas’ House’s chief budget writer said that President Trump’s emergence in Washington shouldn’t give state lawmakers license to slice hefty appropriations for border security — at least not yet. 

 

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Most Texans don't know the state faces a tight budget, but asked what they'd do in a pinch, many of them say they'd dip into the state's savings account, according to the latest University of Texas/Texas Tribune Poll.

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Budget writers in the Texas House are considering tapping the state's savings account because they have a lot less money at their discretion this session.

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Gov. Greg Abbott on Tuesday asked lawmakers to immediately take on so-called "sanctuary cities," the state's broken child welfare system and a convention of states to amend the U.S. Constitution.

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Facing sluggish economic forecasts, Comptroller Glenn Hegar announced Monday that lawmakers will have $104.87 billion in state funds at their disposal in crafting the next two-year budget, a 2.7 percent decrease from the last session two years ago.

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