Pedro is the governor of Texas. During the biennial budget meeting, it was found that the state legislature has a deficit of $3 million. Which emergency fund can Pedro use to bridge this economic deficit? Describe the fund
What will be an ideal response?
Answer:
A. Rainy Day Fund/Economic Stabilization Fund
1. constitutionally-mandated fund was approved by voters in 1988
2. dedicates 75 percent of both oil and natural gas collections above the 1987 standard to the stabilization fund
3. can be used during recession or for other economic necessity
4. precedent has been set for use
a. In 2011, the legislature took $3.2 billion from the fund to help close the budget shortfall
5. restrictions for use of the fund
a. it takes separate 60 percent votes in both the house and senate to tap the fund
1. if a deficit develops during a cycle
2. if actual revenue drops from one biennium to another
b. outside of these events it takes a two-thirds vote in each house to appropriate fund money
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