Rainy Day Fund measures get voter backing on Election Day

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November 5, 2010

By Kyle Maichle

ARLINGTON, Virginia: Voters in four states were asked to approve or deny questions involving reserve or "Rainy Day" funds on November 2, 2010.

In Virginia, voters barely passed Question 3. The ballot question dealt with the state's Rainy Day Fund. Voters were asked if 15 percent instead of ten percent of the state's revenue must be kept in the Rainy Day Fund. The Amendment passed 51.21 to 48.78 percent[1].

Oklahoma voters had State Question 757 on the ballot. SQ 757 would have called for the state's rainy day fund to be increased from 10 percent to 15 percent. The measure was closely contested as the state had a near-empty rainy day fund after almost using all of it to fix the state's budget problems[2]. The measure passed 51.02 to 48.98 percent[3].

South Carolina voters had overwhelming support to increase its Rainy Day Fund on Election Day. Amendment 3 asked voters to approve increasing its Rainy Day Fund from three to five percent. The difference between Amendment 3 and those in Oklahoma and Virginia was that increases to the fund would be done incrementally instead of one-time. Amendment 3 passed 71 to 29 percent[4].

In Hawaii, voters were asked to whether give the Legislature more power on money from tax rebates can be directed. Question 2 would allow for Legislators to have the option to re-direct excess revenues into a Rainy Day Fund. The measure passed 59.3 to 31.7 percent[5].

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