Rainy Day Fund

Jorge Sanhueza-Lyon/KUT News

From Texas Standard.

Houston Mayor Sylvester Turner is seeking more money for Hurricane Harvey recovery efforts, and he’s asking Gov. Greg Abbott to dip into the state’s rainy day fund to pay for it. The governor says Houston has access to $50 million, of which the city has used only $5 million. And now there’s a war of words between Turner and other local officials seeking funding and Abbott.

Pixabay

From Texas Standard.

We’ve all got bills – and the state of Texas does, too. Bills are nothing to be afraid of, if you can manage them. If you miss some payments or take on more debt than is healthy, your credit score will go down and your interest rates will go up. Suddenly, your debt has become overwhelming.

Currently, Texas has a AAA credit rating, the best there is, so it’s less expensive for the state to borrow money and it makes for a hospitable business environment. Texas Comptroller Glenn Hegar has issued a warning about the state’s credit rating and its rainy day fund, which helps the state keep up with its long term liabilities.

Martin do Nascimento / KUT

There's a fight looming at the Texas Legislature: how to balance the state budget for the next two years.

The Texas House's version of the budget pulls $2.5 billion from the state's savings account, also known as the Economic Stabilization Fund, or Rainy Day, Fund.  Right now, there's more than $10 billion in that reserve.

The Senate, though, says it doesn't want to pull out any of that money.

But before that debate heats up, we got to wondering how all that money got there in the first place.

Texas Comptroller/Flickr (CC BY 2.0)

From Texas Standard:

Since the 1980s, Texas has set aside a portion of state funds specifically to be used when things aren’t so rosy. It seems like an economically prudent move, but now some say the operations of the Economic Stabilization Fund (ESF) – also known as the Rainy Day Fund – make no fiscal sense. Texas State Comptroller Glenn Hegar says it’s time for a change.

Lower Colorado River Authority

Parts of Central Texas saw as much as 12 inches of rain over the weekend. Water levels in the Highland Lakes  rose slightly, but the storm was far from a drought-buster.

Lakes Travis and Buchanan remain only about one-third full. 

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