| State may use 'rainy day' fund for flood relief |
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Posted: Monday, May 24, 2010 2:07 pm
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On Monday, State Rep. Kent Coleman (D-Murfreesboro) announced that he was urging the Tennessee Legislature to consider tapping into the state’s “Rainy Day” funds to provide additional relief to victims of the recent storms that ravaged over half the state.
Coleman also proposed used the fund to present a more balanced budget proposal for 2010-2011 fiscal year, than currently proposed by Republicans and Democrats.
“We should purpose a budget that balances recurring revenue with recurring expenses,” Coleman said.
“The outpouring of volunteer spirit we’ve seen here in Murfreesboro and all over Tennessee has been amazing, but the road to recovery is a long one after a flood,” Coleman said. “Now the Legislature needs to do its part and provide financial relief to those having to rebuild.”
Coleman is promoting existing legislation that would provide property tax and sales tax relief for those who were directly impacted by the floods. The first bill, House Bill 3606, would allow for property tax relief for certain property damaged from a disaster certified by the federal emergency management agency (FEMA). The second is an amendment that would allow for sales tax exemptions on appliances and building materials for families who suffered flood damage earlier this month.
Coleman further stated that benefits to the uninsured victims and beneficiaries should be made directly to those homeowners receiving FEMA benefits, instead of using one time revenues for ongoing state expenses.
“Everyone tries to plan for emergency, but few are ever truly prepared for the kind of devastation we’ve seen here lately in Tennessee,” Coleman said. “Giving families much needed financial assistance allows them to do more to recover and rebuild and I believe that’s what needs to happen now.”
Coleman is concerned that one time sources of money in both the Republican and Democratic plans to pay for recurring obligations, and he stated, “It is time to tighten our belt to better deal with our future financial reality.” |
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