How would you vote for this amendment, and why?
Existing Law:
Two rainy day accounts for the Education Trust Fund, used to prevent proration, or across-the-board budget cuts: the Proration Prevention Account, which works like a savings account, and the Rainy Day Account, which acts like a credit line. The Proration Prevention Account is funded with tax revenues; the Rainy Day Account gives the state the power to borrow money from the $3.2 billion Trust Fund, funded by the sales of drilling rights and oil and gas leases. The state emptied the $440 million Proration Prevention Account to cover revenue shortfalls in the fiscal 2008 budget. The state can currently borrow up to $248 million from the Trust Fund to cover Education Trust Fund shortfalls. The money must be repaid within five years.
Amendment:
Increase the borrowing limit from $248 million to $437 million
Lengthen repayment to six years for the Education Trust Fund, ten years for the General Fund, both under constitutional mandate
Allow the General Fund to draw up to the equivalent of 10 percent of the previous year’s General Fund budget to meet proration
Establish a General Fund Rainy Day Account to protect General Fund services, such as law enforcement, health care, child protective services, and services for seniors from cuts in a struggling economy, without raising taxes.
Give the governor ultimate authority to withdraw money from the Trust Fund to avoid proration.
Arguments in Favor:
The measure will prevent cuts to educational programs and public education in general
The measure will prevent cuts to state services which would likely lead to less State Troopers
Arguments in Opposition
The measure would encourage irresponsible budgets
The measure would draw down the money in the Trust Fund
The measure would reduce interest payments from that fund to governments across the state
The measure would break the commitment to protect public money
Thanks for answering, wish Y/A would let me give you all points!
Booker Fulfer
The government spending will be made to the government spending cuts in government cannot possibly sustain its spending will be made to.
The government cannot possibly sustain its spending will be made to the bone.
I would probably vote against it……………..it’s a cheating way to get around balancing your state budget. They’ve already overspent from this account…………….it’s time to make some necessary cuts in government.
For the first rainy day account hasnt worked too well has it why make another committee political flimflam.
The amendment for the amendment for the first rainy day account hasnt worked too well has it why make another committee political flimflam.