JANUARY 10, 2007 - Posted at 7:34 a.m. CST
LITTLE ROCK, AR - Nearly a fourth of the state's projected $843 million surplus would be set aside for economic downturns under a pair of proposals filed yesterday.
Representative Bruce Maloch, a Democrat from Magnolia, filed two separate bills that would set aside $200 million of the state's surplus for a rainy day fund the state could use if revenues come in short.
Under both proposals, the money would be available if the governor determines that a revenue shortfall exists. The access the fund, the governor and the state's chief fiscal officer would have to seek approval from the Arkansas Legislative Council and Joint Budget Commitee.
Both proposals prevent the state from having more than $200 million in the rainy day fund at any time.