News from around the state of Texas

Comptroller: Rainy Day Fund Climbs to $8.1B

Wednesday, Oct 17, 2012  |  Updated 1:33 PM CDT
View Comments (
)
|
Email
|
Print
Comptroller: Rainy Day Fund Climbs to $8.1B

Getty Images

The salespeople offering set up our offshore corporation were stunningly frank about how the shell company could be used to avoid U.S. taxes.

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.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out