Rep. Perry Files Legislation to Maintain the Rainy Day Fund

Austin, TX: State Representative Charles Perry (R-Lubbock) filed House Joint Resolution 111 which will maintain the integrity of the Economic Stabilization Fund, also known as the Rainy Day Fund, by requiring a minimum balance of 5% of the Biennial Revenue Estimate, as provided by the Comptroller. Rep. Perry issued the following statement:

“HJR 111 will ensure Texans have money in reserve to protect against natural disasters and keep our credit rating strong. We should be thinking, long-term in preserving our ability to pay our bills should we face another downturn in the economy. Financial investors have long prescribed having a savings account, and Texas does with the Rainy Day Fund. This resolution ensures we protect it.”

The Economic Stabilization Fund or “Rainy Day Fund” was enacted in 1989 as a savings account for the state built primarily from excess oil and gas revenues and surplus state revenues.