Highway fund, Rainy Day fund receive hefty infusions

by ED STERLING 

AUSTIN — State Comptroller Glenn Hegar on Nov. 29 announced the transfer of $1.47 billion into the State Highway Fund and the Economic Stabilization Fund, with $734 million going into each fund.

The transfer was enabled by Texas voters, who in the November 2014 constitutional amendment election passed a measure allocating at least half of the state’s oil and gas production severance taxes to the “Rainy Day Fund” and the remainder to the State Highway Fund for use on nontoll highway construction, maintenance and right-of-way acquisitions.

The transfer brought the new balance of the Rainy Day Fund to $10.98 billion. “The Rainy Day Fund is an important tool for our state because it allows us to maintain solid fiscal footing even during unforeseen circumstances, such as those our state encountered during Harvey,” Hegar said.

To read more please log in or subscribe to the digital edition https://www.etypeservices.com/Daingerfield%20BeeID312/