Texas Rainy Day Fund now at record high

Tom Hinde

Texas Comptroller Glenn Hegar announced the transfer of $2.27 billion into the State Highway Fund and the Economic Stabilization Fund (ESF). The ESF is commonly known as the Rainy Day Fund. Each fund received more than $1.13 billion, or 50 percent of the total transfer. The transfer amounts are based on oil and natural gas production tax revenues,

The new Rainy Day Fund balance, after the transfer, will be $9.61 billion. "The state's Rainy Day Fund is now at a record high, allowing the state to maintain a strong fiscal position and protect against unforeseen circumstances," Hegar said. "Additionally, this healthy transfer to the State Highway Fund will help address the state's growing transportation needs."