Rainy Day Fund used for State Emergencies
KENNEWICK, Wash.--This Rainy Day fund is actually an emergency fund that lawmakers can tap into if there's a disaster or economic crisis.
Having money set aside seems all the more necessary considering what's happening in California with the raging wildfires. Surely, state officials never expected that to happen.
Here's how the Rainy Day fund will work.
Each year, 1% of the state's revenue, averaging $150 million dollars, would automatically get put into a savings account.
Come November, if voters pass this constitutional amendment, $430 million dollars would start the fund.
"Having this Rainy Day fund will enable this state to overcome and finance the recovery from any kind of disaster that might occur," says 8th District Representative (R) Larry Haler>
Those opposing the resolution say you cannot predict the future. They also add money needed to help schools or senior citizens won't be available, essentially postponing solutions to current state budget issues.
If the fund ever reaches 10% of the state's revenue or $3.4 billion dollars, any money leftover will go towards another fund for school-construction.