Rainy day fund
Lt. Gov. David Dewhurst said, with the state’s population set to double in the next 40 or 50 years, it is time to tap the Rainy Day Fund, which could be nearly $12 billion by 2015.
Lt. Gov. David Dewhurst spoke Thursday at an event held by the Dallas Regional Chamber.
A director from the comptroller’s office said that the state’s emergency savings account is expected to hit $8.1 billion when nearly $2 billion is transferred into the fund next month.
The Texas economy is coming back, but the state budget is still in trouble, top budget experts told lawmakers Tuesday.
Lawmakers will most likely have to tap the Rainy Day Fund to balance the budget in 2013, state comptroller Susan Combs said in an interview.
The state’s chief revenue estimator says Texas tax revenues have bounced back to levels nearly equal to pre-recession levels.
The Texas House shook off its previous malaise and sped through key legislation on Monday, approving major budget, education-funding and health care reform bills despite at-times heated debate over cutting schools to the bone.
Many Texas teachers are getting behind a legislative bill that could spare cuts in education funding.
More than 200 Texas Schoolteachers crowded around the rotunda of the Texas Capitol yet again to protest against education spending cuts.
Democrats used a filibuster to block the bill early Monday morning, after 139 days of fighting budget measures that slash billions of dollars in state funding from education.
The Texas Legislature has passed along largely party lines a state budget that cuts billions from public schools, state universities and health care.
With five full days remaining in the legislative session, the financial crisis in the classroom may be going from bad to worse.