Posted on 02/27/2007 1:42:13 PM PST by truth49
Tired of crisis budgeting? Here's a fiscal forecast that should bring a smile to your face. Last week the state Senate, by a vote of 45-3, adopted a constitutional amendment to create a rainy-day reserve account for the state budget. This long overdue reform requires a minimum of one percent of revenue every year be deposited into a rainy-day account and would require a 60 percent vote of the legislature to access the funds.
The only exceptions to the super-majority vote requirement is if there is a significant economic downturn or a catastrophic life-threatening emergency like another major earthquake or volcanic eruption. In these instances, legislators could tap into the funds with a simple-majority vote.
Combined with a meaningful spending limit and the priorities of government budget process, the protected rainy-day reserve would help provide stability to the state's budget and avoid the potential for future tax increases.
The bill adopted by the Senate was a thoughtful compromise between Sen. Joe Zarelli's proposal from last year and the bill introduced this year by Sen. Lisa Brown at the request of Governor Christine Gregoire.
Despite this good news, taxpayers aren't in the clear just yet. Prior to the protected rainy-day reserve being put before voters this November, it must first clear the state House. Unfortunately, the forecast in the House is a bit stormy at the moment.
Hopefully state representatives will not leave taxpayers out in the cold by watering down the Senate bill.
ping
Feel good legislation.
Where will this one percent - which is undoubtly a large sum of (taxpayer) money - come from?
Thin air?
It makes sense. Therefore it will not pass.
translation - instead of returning your unused tax dollars to you so you can have your own money, the state will keep your hard-earned money for future spending.
Exactly what does the written law say about the criteria for a "major" earthquake? Having been from the west coast, a half an inch or rain is So. Cal. means "StormWatch" so a little 4.0 shaker could be defined as "major?" no?
WA State Ping...JFK
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