Kansas Senators Call for Rainy Day Fund
Lawrence, KS – Two Kansas state senators hope to create a "rainy day" fund to help with future budget problems. Topeka Democrat Laura Kelly and Leawood Republican John Vratil unveiled a proposal that would amend the state's Constitution. Vratil says the change would require the state to put money aside during good economic times and essentially save it for a rainy day.
John Vratil: "It's really not rocket science, a rainy day fund. When you think about it, that's what our family's all try to do when we have extra money. We try to put some of it aside for savings as protection against those days when we don't have as much revenue."
The proposed amendment would require Kansas to put money into the new fund when tax revenues grow more than three percent from one fiscal year to the next. Lawmakers could spend money from the fund -- but only if state revenues declined during a fiscal year. The proposed amendment would have to be adopted by two-thirds of both the House and Senate and approved by a majority of voters.