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Governor Snyder's proposed size of "Rainy Day" fund stirs controversy

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Michigan Governor Rick Snyder addresses the audience during the product launch of the 2012 Ford Focus vehicle at Ford Motor Co's Michigan As
Michigan Governor Rick Snyder addresses the audience during the product launch of the 2012 Ford Focus vehicle at Ford Motor Co's Michigan As

LANSING (WKZO) -- Governor Snyder wants to keep filling the state's piggy bank.  In his third budget address on Thursday the Governor is expected to propose adding 50-million to 100-million dollars to the state's Rainy Day Fund, formally known as the Budget Stabilization Fund.

Opponents say, though, with 500-million-sitting in the account  there's enough money in the fund right now.  Gilda Jacobs, president and CEO of the Michigan League for Public Policy says, some of the money in the fund should be used now for families experiencing hardship.

Budget Director John Nixon says, though, that in order for the state to maintain a positive bond rating there has to be a "healthy" Rainy Day Fund. Nixon says the administration's target figure for the fund is about 1.2-billion dollars which equals six-percent of the combined revenues of the state's general fund and School Aid Fund.

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