Stage Five

Proposition 1... Aren’t we lucky in Texas to have all this ‘free money’ in our “Rainy Day Fund”?  The Rainy Day Fund, formally known as the Economic Stabilization Fund, is the state’s savings fund that allows states to set aside excess revenue for use in times of unexpected revenue shortfall. The money comes from excess oil and gas production taxes and some unspent general revenue.  Proposition 1 will require the Texas Comptroller to transfer 50% of oil and gas tax revenues away from the economic stabilization fund (Rainy Day Fund) to the State Highway Fund. Why not dip into that Rainy Day Fund for something more important like a program would pick up the tab for two-year public colleges? Senator Leticia Van de Putte, the liberal nominee for Texas Lt. Governor, wants to make college free for every student in Texas through a scholarship she calls the “Texas Promise.” This exceptionally generous program would pick up the tab for two-year public colleges and similar institutions by amending the state constitution and siphoning $2 billion from the state’s emergency coffers. The scholarship is intended to remove barriers students face in obtaining degrees and jobs, the Texas Tribune for a promise that is only “tuition free” for the lower rungs of higher public education, mainly community colleges and technical schools. Proposition 1, also known as Project Connect is a proposed $1 billion bond for city transportation. Of this amount, $600 million would help to build a 9.5-mile light-rail line, while $400 million would pay for various road improvements. The total cost of this rail line is estimated at $1.4 billion; for it to be built, Austin will apply for a $600 million grant from the Federal Transit Administration. Project Connect estimates that by 2030 (eight years after it opens) the rail will receive between 16,000 and 20,000 boardings per day. Prop 1 is just going to waste our limited transportation funds, and in no chance will relieve congestion, but will slow the growth of congestion very slightly. So again I ask, why not dip into that Rainy Day Fund for something more important like a program would pick up the tab for two-year public colleges?