Breaking the Piggy Bank Despite Record Revenues

UPDATE2: Once a piggy bank is opened it’s really hard to keep the grubby fingers out of it.  In the special session, there are now TWO plans to drain the Economic Stabilization Fund (ESF) even more. One would take out $2 billion for ‘transportation’ – AND commit 50% of the continuing revenue stream for the ESF to that Transportation fund (making sure the ESF NEVER recovers).  The other would take more out for campus construction desires (we would NOT call them ‘needs’.)

UPDATE: well the House ended up going the drunken sailor route, spending  $4 billion beyond the record-setting revenue increase by draining it from the Economic Stabilization Fund.  Good luck on ever controlling Texas spending again- even in hard times- after this vote.  They needed 100 votes to do it; they got 110.  The 29 who stood up for fiscal sanity on this:
Nays – Bonnen, G.; Capriglione; Creighton; Fallon; Fletcher; Frank; Goldman; Hughes; Isaac; King, P.; King, S.; Klick; Kolkhorst; Krause; Laubenberg; Leach; Miller, R.; Sanford; Schaefer; Simmons; Simpson; Smithee; Springer; Stickland; Taylor; Thompson, E.; Toth; Turner, E.S.; Zedler

Folks, the Texas House will soon vote on the modified version of HB1025, which will take nearly $4 BILLION (About half of what is there now) out of the Economic Stabilization Fund (commonly know as the Rainy Day fund).  If these representatives need to draw that much in a time of RECORD REVENUE GROWTH, what does that say about their overall concept of fiscal responsibility?  How will anyone who supports that handle the LEAN times?
This is a key vote, folks; let your state reps know you WILL hold them accountable.

2 Responses to Breaking the Piggy Bank Despite Record Revenues

  1. Andrew says:

    That money is for water which the state needs to be economically competitive. There is enough money in the fund to maintain the rating.

    • Mike O says:

      The need for water is unquestioned; the problem is how it is being funded. Their own model only utilizes $500 million in the first DECADE. That amount could have EASILY been found in the operational budget (with the $8 billion of new revenue). The devil is in the details- of how wer can protect and fatten all sorts of pet projects while getting the voters to break the piggy bank to cover the essentials.