POSTED: Monday, August 5, 2013 - 9:45pm
UPDATED: Tuesday, August 6, 2013 - 11:01am
Austin, Texas (KETK) — Lt. Governor, David Dewhurst, congratulated the Texas Legislature for approving a plan to fund road construction while protecting a robust balance in the state's Economic Stabilization Fund, also known as the Rainy Day Fund.
"Our multi-billion dollar Rainy Day Fund is a testament to our state's amazing growth in fiscal strength and the built-in safeguard of a two-thirds vote to draw money out of the Rainy Day Fund. This legislation does not raise taxes, yet it protects a healthy balance for future fiscal challengers, and divides future revenues between the Rainy Day Fund and the Highway Fund," said Dewhurst.
The fund had raised $500 million when Dewhurst took office and now the balance is $6 billion.
The plan enables Texas to relieve congestion on Texas roadways while protecting the state's AAA bond rating with a healthy balance in the Rainy Day Fund.
"To protect our Rainy Day Fun, I am recommending a floor of $6 to $7 billion for the next two years. Bottom line, the two chambers worked together to forge an agreement that addresses a key issue facing out state without raising taxes. This kind of sound fiscal policy and thinking has made Texas the envy of the national and will make us even stronger in the years to come," said Dewhurst.