Expert: Letting Rainy-day Dollars Earn More, So Texas Can Pay Off Debts, Might Be Smart

AUSTIN -- A national revenue expert said Thursday that it "might make sense" for Texas to wall off surplus rainy-day dollars in an endowment-type fund.Eventually, earnings from a more aggressively managed pool of savings could be used to help pay off state bonds early, repair dilapidated state buildings and tackle underfunded pensions, a statewide Republican official and a leading Democratic House member have said.Fiscal expert Robert Zahradnik of The Pew Charitable Trusts said the idea has merit."You want to have an evidence-backed basis for how much money you need to make sure that you can weather a typical downturn," he said.  Continue reading...

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