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.
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Posted: 05/07/13 - DURANT, Okla. – Regent Terry Matlock will deliver remarks at Southeastern Oklahoma State University’s Spring Commencement, scheduled for Saturday, May 11, at Paul Laird Field. The ceremony (for all schools) will begin at 10 a.m. A reception will follow at 11:30 a.m. in the Visual & Performing Arts Center. Read More
Posted: 05/06/13 - SHERMAN, TEXAS—Members of the Austin College Class of 2013 are counting down the days until graduation—with both excitement and trepidation. Austin College President Marjorie Hass will present diplomas to more than 340 bachelor’s degree candidates and 18 Master of Arts in Teaching degree candidates who will take part in graduation events May 18 and 19 on campus. Read More