AUSTIN, Texas (AP) - The balance in the state's Rainy Day Fund is climbing to $8.1 billion.
A director from the Texas comptroller's office Wednesday told lawmakers the state's emergency savings account is expected to hit that number when nearly $2 billion in anticipated oil and gas tax collections is transferred into the fund next month.
Whether the state should use the money is a perennially divisive subject. Republican Gov. Rick Perry and fiscal conservatives are generally reluctant to use the fund to cover shortfalls, preferring instead to make cuts to reduce spending.
Only six times in two decades have lawmakers tapped into the fund. The last was in 2011, when about $3 billion was spent to help close the budget deficit.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Posted: 05/23/13 - Julie Luton of Bonham took home the top honor of the evening at the recent volunteer banquet hosted by the Fannin County Children’s Center. Luton was named the CASA Volunteer of the Year for her work in advocating for abused and neglected children in foster care. Read More
Posted: 05/22/13 - (Idabel, Okla.) – For anyone interested in learning more about building preservation, Idabel Main Street will host “Historic Building Maintenance,” a workshop on the care and maintenance of the historic district, June 25th, from 5:30pm – 7:00pm, at the Idabel Public Library. Read More
Posted: 05/08/13 - The Sherman Public Library is very excited about our upcoming Summer Reading Club for children and teens. Children ages birth-11 can Dig into Reading and join the Youth Summer Reading Club. The theme for the Teen Summer Reading Club this year is Beneath the Surface and it is open to teens ages 12-18. Read More
