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    You are at:Home»State News»Senators back creation of Kansas reserve fund

    Senators back creation of Kansas reserve fund

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    By KMAN Staff on January 6, 2012 State News

    TOPEKA, Kan. (AP) A bipartisan group of Kansas state senators is supporting creation of a reserve account to serve as a so-called rainy day fund for the state budget.

    The proposal would amend the Kansas Constitution to require that one-quarter of 1 percent of all state revenue be placed in the account each year. Money could only be used if authorized by a super-majority vote in the House and Senate.

    If the total in the account exceeds 5 percent of the state’s budget, the excess could be used for funding government programs.

    Senators will introduce the proposal when the legislative session begins Monday. Approval by two-thirds of the House and Senate would be the question on a statewide ballot, with approval by a simple majority of voters adding it to the Kansas Constitution.

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