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November 30, 2016 3:19 PM Updated: Lawmakers lock in floor of Rainy Day Fund for next sessionSen. Nelson is confident; Rep. Walle, the lone “no” vote, says the costs are unclear for a school finance fix as well as addressing the crisis in foster care A joint committee of lawmakers on Wednesday set $7.5 billion as the sufficient balance for the state’s “Rainy Day Fund,” clearing the way for both transportation funding and ongoing investments. In past years, growth in revenue from the oil and gas industry – and former Gov. Rick Perry’s first run for president – has helped drive large-scale partisan fights over the use of the Economic Stabilization Fund (the savings account’s proper name). But with a slumping energy industry and a recent commitment to divert funds to transportation, today’s debate ended up being a rather low-key affair for the joint panel of House and Senate lawmakers. "Adopting this floor will allow a major transfer for transportation, paving the way for continued progress on our mobility needs,” said chief budget writer Sen. Jane Nelson, R-Flower Mound, after the vote. “It also keeps significant resources in reserves, protecting Texas' credit rating and maximizing our ability to invest funds."
By Kimberly Reeves |
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Copyright November 30, 2016, Harvey Kronberg, www.quorumreport.com, All rights are reserved