WEST MONROE, LA. (KTVE/KARD)– Amendment 3: Use of Budget Stabilization Fund for Declared Disasters Amendment
This amendment has to do with the ‘Rainy Day’ Fund. This money is set aside for the state to use just in case of an emergency.
If the amendment passes, it would allow the state to use the ‘Rainy Day’ Fund to cover costs due to federal disasters. These are things like the coronavirus pandemic or a destructive hurricane, like the one we just saw with Laura.
University of Louisiana at Monroe Political Science Professor, Dr. John Sutherlin, said the necessity of this amendment comes from the massive amount of flooding Louisiana has had across the state in just the last few years.
Click here to see a full list of all the proposed Louisiana Constitutional Amendments and what they mean for the state.
“A portion of those rainy day funds can be used as a bridge from the time the disaster takes place to when, for example, FEMA monies would be made available, but it still requires 2/3 support of the legislature,” Dr. Sutherlin said.
If it does not pass, the state will continue to use the funds as normal, based on budget forecasts and deficits.
“There are still communities all across the state that are still waiting for the 2016 monies to kick in,” Sutherlin said. “This is an idea to simply bridge that gap, use some of that ‘Rainy Day’ Fund, and then replenish that fund once the federal monies do kick in.”
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