P.O. Box 12068, State Capitol
Austin, Texas 78711
Tel. (512) 463-0112
FOR IMMEDIATE RELEASE
September 10, 2014
AUSTIN — Texas State Senator Jane Nelson (R-Flower Mound) has been appointed as Co-Chair of the Select Committee to Study the Balance of the Economic Stabilization Fund. The committee was established as part of the enabling legislation for Proposition One, which if passed, will dedicate a portion of oil and gas severance tax to transportation rather than the Rainy Day Fund. The committee will establish a minimum balance that must be maintained in the Rainy Day fund later this year if the Proposition One passes.
"As we have seen over the last few years with the recession, it is important for states to maintain reserves for difficult times," said Senator Nelson. "While Proposition One is not a silver bullet solution to our transportation problems, it is a step in the right direction. I am looking forward to exploring how Texas can meet our vital infrastructure needs while continuing our policies of fiscal responsibility."
If Proposition One passes in November, 37 percent of the oil and gas severance tax collections will go directly into Fund 6, which supports Texas highways, and the rest will go to the Rainy Day Fund. Senator Nelson was appointed to the committee with four other Senators who will serve alongside five House members.