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Senate passes measure adjusting rules on state's rainy day fund after extended floor debate
Summary
After extensive debate, the Senate passed first substitute SB154 to clarify how the state's rainy day fund (reserve fund) is handled, including discussion of an 8% cap and whether the fund could accumulate large interest over time. Supporters called it prudent fiscal management; opponents warned of excess accumulation and reduced flexibility.
The Utah Senate on Feb. 7 debated and passed first substitute Senate Bill 154, which clarifies treatment and usage of the state's rainy day (reserve) funds and reporting rules.
Senator Hallowell, sponsor of the measure, explained the bill addresses use of rainy day funds and clarified language about caps and replenishment. Much of the floor time focused on whether setting rules in…
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