Texas
Related: About this forumRainy day fund could reach $7.3B
AUSTIN Thanks to a rebounding economy, the Economic Stabilization Fund grew from $5 billion to $6.1 billion since last year, according to the states chief revenue estimator. And if this robust growth continues, by the end of Fiscal Year 2013 the savings account should grow to $7.3 billion, a 19.7-percent increase.
The Texas economy has rebounded from the recent recession, John Heleman of the Texas Comptrollers Office told the House Appropriations Committee on Tuesday, the first time the budget-writing panel met since the Legislature adjourned in late June.
The fund gets its revenue from oil and gas taxes and thanks to high energy prices in recent years, it replenishes quickly after the Legislature taps into it. This was the in last years session when the lawmakers covered a $3.4-billion deficit for the fiscal year ending on Aug. 31.
In addition to the growing fund, the state has added 440,000 jobs since December 2009, which means Texas has regained the 433,000 jobs it lost during the 2008 recession, Heleman said.
http://amarillo.com/news/local-news/2012-02-21/rainy-day-fund-could-reach-73b
[font color=green]It's time for the governor to call a special session to restore funding that was previously cut in public education.[/font]
sonias
(18,063 posts)That's a whole lot of hoarding Texas. I feel like they're gambling in the stock market. You know they're going to crow about hanging onto this nest egg next session. Oh how they were such good financial stewards... blah, blah, blah.
When the real truth is not going to be known for decades. The way they have shortchanged public education and doomed this state to a race to the bottom. People will not equate their actions in this decade to the outcomes down the road. The real bill for skipping out on educating Texas kids is yet to be delivered.
hobbit709
(41,694 posts)TexasTowelie
(112,421 posts)But Texas wants to be #1 in jailer and prison guard opportunities.