Transfers to state savings accounts approved on party-line vote

On a party-line vote, the Joint Finance-Appropriations Committee has voted this morning to transfer $24 million to the Budget Stabilization Fund, the state’s main rainy-day savings account, at the end of the fiscal year on July 1; and also to transfer $10 million to the Public Education Stabilization Fund; and $2 million to the Higher Education Stabilization Fund. All four of JFAC’s minority Democrats opposed the move.

“I fully understand the need for being prudent,” said Rep. Shirley Ringo, D-Moscow. “But I just have heard from folks in my district who would much prefer putting at least some of these dollars to work on issues like salary in K-12 and higher education to a greater extent than we did. And I do think that in addition to representing those in my legislative district, that it would be in the state’s interest to have done this a little differently.”

Rep. Maxine Bell, R-Jerome, JFAC co-chair, said, “It’s just always a good idea to have the money there. You never know when it will be needed, and these are good places to put that funding.”

The joint committee also voted to transfer an additional $10 million from the general fund to the Permanent Building Fund, with $2 million of that targeted toward the Education Building at the University of Idaho,  and the rest for alterations or repairs at the direction of the building fund advisory council.

The figures approved by JFAC are lower than Gov. Butch Otter’s original recommendation; he wanted $15 million for the Permanent Building Fund, $35 million for the Budget Stabilization Fund, $30 million for PESF and $7.3 million for HESF.