Call to Put Savings in Rainy Day Fund
CONCORD – House Speaker William O’Brien (R-Mont Vernon) and House Majority Leader D.J. Bettencourt (R-Salem) commented on today’s release of the state’s 2011 annual financial report showing that the state had a $17.7 million surplus for the last fiscal year, which ended on June 30, 2011. An earlier estimate predicted a $26 million surplus for the year. This month, the House passed a bill (HB 1652) to move these savings into the Rainy Day Fund, which currently stands at just $9.3 million.
House Speaker William O’Brien
“It’s good news that the state had a surplus, despite the overinflated revenue estimates missing their target by almost $40 million. That’s why the House was so committed to using accurate, responsible revenue projections in this budget. While there will undoubtedly be calls to use this surplus to grow government, the right answer is to put these dollars into rebuilding the state’s depleted Rainy Day Fund, so that we can both shore up our bond rating, as well as have some funds set aside in case there is a true emergency that the state faces. This is one more step in our efforts to bring fiscal responsibility back to Concord.”
House Majority Leader D.J. Bettencourt
“There will be lobbyists and special interests who will be lining up to try to spend this money, but House Republicans are absolutely committed to putting these funds into the state’s savings account and continuing our ongoing efforts to keep spending in check. We will make sure that we use taxpayer dollars as wisely as we would use our own, and these one time funds should be put aside so that we can send a clear message that we know how to save and not just spend.”