Kansas rainy day fund amendment fails to make ballot

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June 30, 2010

TOPEKA, Kansas and OKLAHOMA CITY, Oklahoma: There will not be a rainy day fund question on this year's November 2, 2010 ballot in the state of Kansas. The measure that was proposed in legislative session this year, but session ended before the measure could make the ballot. The proposal would have required the state to put money in the fund when tax revenues increased more than 3 percent from one fiscal year to the next. Up to one percent would have been set aside, according to reports. Taxes that were collected between 4 percent and 4.5 percent above previous year's tax receipts would have been placed into a debt prepayment fund.

A similar measure is on the Oklahoma general election ballot and is a legislatively-referred constitutional amendment. The measure would ask voters whether or not to increase the amount of money that would go into the state's reservation funds. According to reports, the "rainy day fund" in Oklahoma was at $600 million, but currently is on the verge of being empty as a result of the economic decline.

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