/Governor calls special session Tuesday to balance budget

Governor calls special session Tuesday to balance budget

After lower-than-expected revenue collection throughout the year, including June, which is the final month of the fiscal calendar year, the special session was called. The Legislature will only be addressing the 2016 budget balance this week. Bryant stated on Monday’s Gallo Radio Show that he would pull in between $50 and 70 million from the Rainy Day Fund for the balance of the budget. Bryant released that the Rainy Day Fund is in a perfect position to cover the FY16 budget’s small deficit due to the disciplined and conservative spending of Republican leadership in five previous legislative sessions. “I urge legislators to complete their work quickly to keep taxpayers’ costs as low and manageable as possible,” Bryant said in a release. The state’s Rainy Day Fund currently has $349.7million. Although it is not clear how much the governor will need, Bryant said that June revenue would continue to be collected. House Speaker Philip Gunn stated in the release that “we are talking about one per cent of the overall estimated $6.3 billion budget.” To put it in perspective, Bryant has already pulled $45.2 million from Rainy Day Fund this fiscal to offset lower-than expected revenue. However, he has only the legal authority to withdraw $50 million each fiscal year from this fund. The Legislature will need to approve the special session’s action because more than $4.8million will be required from the Rainy Day Fund to balance the budget. According to Laura Hipp (spokesman for Lt. Governor), the special session will cost taxpayers $68,720 per day of work. Tate Reeves. The state will be charged an additional $47674 if the special session continues beyond the first day. “Gov. “Gov.