Inquiries are already being made if the rainy day fund can be or should be tapped into during the next session. Heleman was asked during the Tuesday House Appropriation hearing if the rainy day fund had an impact on Texas’ bond rating. He noted the size of the rainy day fund is as a “distinct positive” for the bond rating Texas currently enjoys. He also cautioned there were many factors that affect Texas’ bond ratings; the rainy day fund balance is one of them.
Dewhurst has said he sees the potential that those funds will have to be tapped during the next session. “I forecast we’ll have some rain in our future but we have to appropriately use the rainy day fund to draw down those funds.” He clearly stated that there may be the need to draw down some of the funds but not the entire rainy day fund.
It is estimated there will be $8.2 billion in rainy day funds at the end of the 2010-11 biennium.
