Harvey Recovery: When to Tap in to the “Rainy Day Fund?”

This satellite image provided by NASA on Thursday, Aug. 24, 2017 shows Hurricane Harvey off the Gulf of Mexico. Harvey intensified as it steered toward the Texas coast on Friday, with forecasters saying it had strengthened to a Category 2 storm with the potential to swamp communities more than 100 miles (161 kilometers) inland. (NASA via AP)

By Bill O’Neil

The recovery from Hurricane Harvey is now in full swing in Texas–and with it comes a growing call for the State to tap in to it’s “Rainy Day Fund” to help pay for that effort.

“Times like these… it’s important to have fiscal responsibility as opposed to financial panic” Governor Greg Abbott said Tuesday, agreeing the State will eventually have to reach in to the “Rainy Day Fund.”

“The Lieutenant Governor and the Speaker (of the Texas House) both agree with me that Texas will need to tap in to the Rainy Day Fund” Abbott said, adding “They both agree with me that the appropriate time to do that is during the next (legislative) session.”

The call is being pitched loudest by Houston Mayor Sylvester Turner who maintains his city needs all of the help–and all of the cash it can get now toward recovery efforts.

Abbott said Houston has hundreds of millions of dollars that are within easy reach right now.

“Those hundreds of millions of dollars are siloed in TIRZ (Tax Increment Reinvestment Zone) programs” the Governor said.

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