Zarelli Will Introduce State Rainy Day Fund Legislation; Republican Senator Says Reserve Account's Interest Dedicated to Education

Summary

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State Sen. Joe Zarelli will again introduce legislation in the upcoming Legislature to create Washington's first constitutionally protected reserve account. This time, he proposes to dedicate the interest the account accrues -- an estimated $31 million in the next two-year budget cycle -- to funding education.

Zarelli, R-Ridgefield, the ranking Republican on the Senate Ways and Means Committee, first proposed creating a constitutional rainy day fund in the 2006 session. With a $1.9 billion state revenue surplus going into the next budget cycle, and school funding expected to be front and center in budget deliberations, he hopes 2007 will be the year the Democratic-led Legislature embraces his approach.

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Zarelli Will Introduce State Rainy Day Fund Legislation; Republican Senator Says Reserve Account's Interest Dedicated to Education

"The supermajority the Democrats have this year may actually help," Zarelli said. "When you have so much control over the body, intrinsically you...

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