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Senate panel advances bill to raise rainy day cap from 10% to 15%
Summary
The subcommittee approved SB 2190 to raise the state's rainy day fund cap from 10% to 15% of general fund revenue, aiming to grow the reserve from roughly $750 million toward just over $1 billion over time; sponsors said the change would help shore up fiscal resilience alongside pension fixes.
Senator Wiggins presented SB 2190 to raise the state’s rainy day fund cap from 10% to 15% of general fund revenue, saying the move would increase the reserve from about $750 million toward just over $1 billion. "This would put us a little over a billion dollars in our rainy day fund," he said, framing the change as a buffer while the legislature works on pension liabilities.
Lawmakers asked whether the proposal accounts for other major transfers. Senator Hill asked if the $1 billion figure reflected a proposed $500 million transfer out of the capital expense (capex) program for PERS. The sponsor clarified that the $500 million capex transfer is separate and not included in rainy day calculations; the current rainy day balance was stated as roughly $750 million.
Committee members who spoke emphasized the bill’s gradual implementation: excess revenue allocations each October would build the fund until the 15% cap is reached. The sponsor declined to give a precise timetable for reaching the new cap but said the increase would be phased through annual revenue determinations.
The subcommittee voted 'title sufficient do pass' by voice, and the measure was reported out of committee.
