FOR IMMEDIATE RELEASE 12/02/2016
ESF COMMITTEE SETS FLOOR FOR TEXAS RAINY DAY FUND
Austin, TX--Members of the Select Committee to Determine a Sufficient Balance of the Economic Stabilization Fund (ESF), also known as the State's Rainy Day Fund, met on Wednesday morning to set the balance for the next biennium.
The committee agreed to set the sufficient balance of the Rainy Day Fund at $7.5 billion. The sufficient balance, or floor, 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 ESF is projected to have approximately $10 billion at the end of the current budget cycle. In regards to serving on the committee Rep. Springer stated, "Helping Texas live within its means, while keeping an appropriate amount in reserves for emergencies is an important job. I believe that $7.5 billion is an appropriate amount to ensure that Texas remain fiscally conservative."
The committee consists of five Members of the House and five members of the Texas Senate. Rep. Springer was selected from the 150 members of the House by Speaker Joe Straus.