“This legislation does not raise taxes, yet it protects a healthy balance for future fiscal challenges, and divides future revenues between the Rainy Day Fund and the Highway Fund. . . ”
Texas Insider Report: AUSTIN, Texas – Today, Lt. Governor David Dewhurst congratulated the Texas Legislature for approving a plan to fund road construction while protecting a robust balance in the state’s Economic Stabilization Fund (known informally as the Rainy Day Fund).
“Our multi-billion dollar Rainy Day Fund is a testament to our state’s amazing growth in fiscal strength and the built-in safeguard of a two-thirds vote to draw money out of the Rainy Day Fund. This legislation does not raise taxes, yet it protects a healthy balance for future fiscal challenges, and divides future revenues between the Rainy Day Fund and the Highway Fund,” said Dewhurst.
“The fund only had about $500 million in it when I took office, and balances are now in excess of $6 billion. This plan enables us to relieve congestion on Texas roadways while protecting our state’s ‘AAA’ bond rating with a healthy balance in the Rainy Day Fund. To protect our Rainy Day fund, I am recommending a floor of $6 to $7 billion for the next two years. Bottom line, the two chambers worked together to forge an agreement that addresses a key issue facing our state without raising taxes. This kind of sound fiscal policy and forward thinking has made Texas the envy of the nation and will make us even stronger in the years to come.” — Lt. Governor David Dewhurst
