Press Release from Senate Minority Leader Jim Kyle, D-Memphis, April 9, 2014:
Tennessee Sitting on More than $1.7 Billion in Reserves
Senator Jim Kyle: budget talks on state’s finances are inaccurate
NASHVILLE – Tennessee has more than $1.7 billion in reserve funds, as the state Senate prepares to vote on a budget balanced on the backs of Tennessee’s most vulnerable.
“People think the state has no money, but the budget projections are inaccurate,” state Sen. Jim Kyle said. “The priorities in this budget are out of line with the priorities of regular people. We have the means to change course.”
On top of the state’s $356 million rainy day fund, the state has an additional $1.3 billion in general fund reserves and departmental reserve funds. The legislature itself holds $44 million in reserve.
For a complete breakdown of the state’s reserve funds, click here.