Comptroller Proposes Overhaul Of Rainy Day Fund

Texas Comptroller Glenn Hegar wants to overhaul the state's Rainy Day Fund.

Hegas writes in The Texas Tribune that the Economic Stabilization Fund balance should always be at least 8 percent of the General Fund, and also be invested to keep up with inflation.

A second part of the fund would be used to help fix the state's long-term fiscal issues.

Hegar says the changes need to be done because the current fund is like "burying the money in a hole on the Capitol lawn."

He's hoping the state Legislature will move on the idea this session.

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