The Office of the Secretary of State is not authorized to edit statements, nor is it responsible for their content. Voters established the emergency reserve fund when they approved a state spending limit. Tax dollars collected in excess of the spending limit are placed in reserve. When this reserve equals five percent of the state budget, taxes collected over that amount can go to build new schools and higher education facilities. And the reserve fund is an important safety net protecting taxpayers and state programs against tax increases in times of economic trouble.
Taxpayers deserve the highest rate of return possible on tax dollars invested on their behalf.
SSJR 8208 does that by allowing money in the state s emergency reserve fund to be invested in stocks and bonds that can produce higher investment earnings. Higher earnings mean a larger emergency reserve fund and a better chance that it will grow large enough to fund school construction. SSJR 8208 permits investing in stocks with better returns up to three times better over the last five years than gains from the conservative investments currently allowed. Investments will follow the same rules as investments made for state pension funds and worker compensation funds. This common sense change may mean millions in earnings.