Perry to Legislature: Keep $7B in Rainy Day Fund
Governor wants to keep money in case of natural disaster
Gov. Rick Perry is urging lawmakers to leave at least $7 billion in the state's cash reserves, or Rainy Day Fund.
The Dallas Morning News reports that Perry said Wednesday a Texas Senate proposal to take $6 billion from the fund is "a little too much."
The fund balance is projected reach $12 billion if left untouched. Perry said he'd like to keep at least $7 billion in case of a major natural disaster.
Perry has also called for $1.6 billion in business tax cuts, and says it may mean tapping the Rainy Day Fund to cover those costs.
Last week, the Senate Finance Committee passed a constitutional amendment that could spend $2.5 billion of Rain Day Fund money for water projects, and $3.5 billion more on transportation improvements.
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