December 10, 2014 4:56 PM

Panel likely to set a $6 billion floor for what must be in the Rainy Day Fund

Estimates vary, but the Economic Stabilization Fund should exceed $8 billion or more as the 2015 session is gaveled in

A select committee will discuss a floor on the state’s Rainy Day Fund on Thursday morning, solidifying what will likely be a $6 billion balance for the funding.

Senior analyst Dick Lavine of the Center for Public Policy Priorities expressed some initial concern about meeting a deadline set out in the state government. After some discussions with the Comptroller’s staff today, however, Lavine said the Dec. 1 deadline does not apply to the decision this year.

“There is a temporary provision in SJR 1, for this year only, that there should be a minimum balance in the Rainy Day Fund,” said Lavine, who said a failure to set the floor on the economic stabilization fund would nullify the dedication of a transportation funding stream approved by voters in November.

Sen. Jane Nelson, R-Flower Mound, and Rep. Myra Crownover, R-Lake Dallas, co-chair the select committee, which will meet tomorrow to hear invited testimony.

By Kimberly Reeves