Rainy day account

In the State of the State address today, Governor Mead reiterated his proposal to redirect more money from severance taxes into the ‘rainy day account.’ One percent of severance taxes currently goes into the permanent mineral trust fund, but Governor Mead wants it to go into a legislative savings account instead. 

House Minority Leader, Mary Throne, has spoken out against having a rainy day fund so large, noting that it currently contains $5 billion. She says they need to determine how much they actually need to save.