FOR IMMEDIATE RELEASE 09/21/2016
House Speaker Straus Names Rep. Drew Springer to ESF Committee
Austin, TX--On Tuesday, Texas House Speaker Joe Straus appointed Rep. Drew Springer, along with four other House members to serve on the Select Committee to Determine a Sufficient Balance of the Economic Stabilization Fund (ESF), also known as the State's Rainy Day Fund.
In regards to the selection of Rep. Springer, the Speaker noted the following:
Representative Springer will play an important role in helping Texas live within its means while keeping an appropriate amount in reserves," Speaker Straus said. "His commitment to fiscal discipline will be very valuable to this committee, and I'm grateful that he agreed to serve.
The committee will determine and adopt a sufficient balance, a floor, of the ESF for the next biennium. The sufficient balance is the level required to see half of new eligible ESF go to the State Highway Fund (SHF), which the voters passed in 2014. The Legislature may appropriate ESF funds at any time and for any purpose, with a two-thirds vote of the Legislature. However, Rep. Springer stated that "unless otherwise voted on by the citizens of Texas, I believe the Rainy Day Fund should only be used for one time emergencies." The ESF is projected to have approximately $10 billion at the end of the current budget cycle in August 2017.
The committee consists of five Members of the House and five members of the Texas Senate. Serving as Co-Chair on this Committee is Rep. Sarah Davis of Houston, as well as Reps. Donna Howard of Austin, Lyle Larson of San Antonio, and Armando Walle of Houston.