Senate Taps into “Rainy Day” Fund for $3B in Harvey Aid

The Texas Senate approved a budget amendment covering approximately $6 billion in unexpected state expenses since the Legislature last met in 2017. A little more than $4 billion is coming from the estate’s Economic Stabilization Fund — known as the rainy-day fund — and $3 billion of that amount will help pay costs due to Hurricane Harvey. Harvey came ashore in August-September 2017 — months after the previous Legislature met, resulting in billions of dollars in damages.

Approximately $900 million of the Harvey-designated funds will help shore up school districts that lost property tax revenue after people were forced to flee their homes. The remainder will head to help University of Houston, the Lone Star College System and Texas A&M University, all whose campuses suffered from damage due to the storm. An additional amount is earmarked for the Texas A&M Forest Service for Harvey-related expenses.

The amendment requires approval from the Texas House.

For comments, questions or concerns, please contact Amy Sorter