A brief history of each time Texas dipped into its savings account known as the ‘Rainy Day Fund’

Much like a savings account in any Texas household, the statehouse has its own account in which lawmakers store money for future rainy days—thus, the “Rainy Day Fund” was established. Officially called the Texas Economic Stabilization Fund, here is an overview of each time money was withdrawn from the Rainy Day Fund and a forecast for when it might rain next. 1988 During a year defined by slumping oil prices, Texas voters agreed to a measure aimed at protecting Texas against future economic downturns that impact the state budget. The Economic Stabilization Fund was created by the previous year’s legislatures […]

The post A brief history of each time Texas dipped into its savings account known as the ‘Rainy Day Fund’ appeared first on Community Impact Newspaper.

Source: Community Impact- Round Rock