Hager: Nearly $1.4B has been transferred to Rainy Day Fund

AUSTIN — Texas Comptroller Glenn Hegar said he recently completed the transfer of $2.77 billion into the State Highway Fund (SHF) and the Economic Stabilization Fund (ESF; commonly known as the “Rainy Day Fund”). Each fund received more than $1.38 billion, or 50 percent of the total transfer.

“Texas’ Rainy Day Fund is an important tool established to help our state weather difficult economic circumstances,” Hegar said. “This transfer pushes the balance in the fund to more than $12 billion. It is crucial that Texas use this amazing asset to maintain our strong fiscal position and our state’s AAA credit rating. That’s why I have asked the Legislature to authorize me to invest a portion of the fund in a more prudent and responsible manner and use the returns to address the types of long-term liabilities that have crippled the finances of states such as Illinois and New Jersey. Significant portions of this money have not been keeping up with inflation, and we must not allow the power of this asset to erode over time.”