DENVER-
The House gave initial approval to a plan Friday to double the amount of the state general fund financial reserve from 4 percent to 8 percent, saying the recent economic downturn was a warning that the Legislature needs to set aside money for a rainy day.
Rep. Bernie Buescher, D-Grand Junction, rejected an attempt by Republicans to amend his bill (House Bill 1302) to require a supermajority to take money out of the fund, saying it was meaningless because lawmakers could simply change state statutes and take the money anyway. He said the Legislature has not raided the current fund and there was no reason to believe future legislatures would be different.
Rep. David Balmer, R-Centennial, said lawmakers need a speed bump to make it more difficult to get to the funds.
“We don’t want to have a leaky rainy day fund,” he told fellow lawmakers.
The bill faces a third reading before it goes to the Senate.
