Rainy day fund measure being considered in Texas
AUSTIN, Texas: States such as Oklahoma and South Carolina, among at least three others, voted in 2010 on measures relating to rainy day funds or other funds that would help alleviate budget shortfalls. It seems the state of Texas may be following that trend for 2011.
A Texas Rainy Day Fund amendment may appear on the 2011 ballot in the state, a measure that was pre-filed by State Representative John Otto with legislative session looming in January 2011. The measure requires that the state comptroller transfer sales and use tax revenues to the state rainy day fund, but only when the revenues exceed the average rate of growth for the previous 20 years. The measure was filed in order to "assist the State to live within its means and lessen the need for future tax increases," according to Otto.
A 2/3rds vote in both chambers of the Texas State Legislature is required to refer an amendment to the ballot. Texas is one of sixteen states that requires a 2/3rds supermajority vote in one session of the state's legislature before placing a proposed amendment on the ballot.