AUSTIN – Talmadge Heflin, Director of the Texas Public Policy Foundation’s Center for Fiscal Policy, will testify in favor of House Joint Resolution 111 before the Appropriations Committee on Tuesday, April 23, 2013 at 2:00 p.m. in room E1.030 of the Texas State Capitol. The bill would add additional protection to the state’s Economic Stabilization Fund, otherwise known as the Rainy Day Fund, by requiring that a balance equal to five percent of the general revenue estimated by the Comptroller to be available for appropriation during a session and remain in the fund at all times.
“The Biennial Revenue Estimate that defines the amount of general revenue available for appropriation during the session is made by the Comptroller before each regular session and will determine the amount that must be retained in the Economic Stabilization Fund ,” said Heflin. “This legislation will protect the state’s AAA bond rating, and that’s no small thing: a fiscally restrained and responsible Texas is a prosperous Texas. Unlike Washington, D.C., the state of Texas can and should keep its fiscal house in order.”
The Honorable Talmadge Heflin is Director of the Center for Fiscal Policy at the Texas Public Policy Foundation. Heflin served 11 terms in the Texas House of Representatives and chaired the House Appropriations Committee in 2003, leading the Texas Legislature’s successful efforts to close a $10 billion budget deficit without a tax increase.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin.