LITTLE ROCK, Ark. (AP) -- Arkansas Gov. Mike Beebe said Tuesday a balanced budget proposal he plans to present to lawmakers this week probably won't go into specifics on a "rainy day fund" he wants to set aside for financial downturns.Beebe told reporters his budget, which will be introduced Thursday, will still be for a two-year cycle, despite voter approval of a constitutional amendment requiring the Legislature to meet and budget annually.
The governor has said he wants lawmakers to consider using part of the state's more than $260 million surplus for a so-called "rainy day fund" that could be used to pay for potential shortfalls in the state's budget. Beebe said he won't have a specific proposal for the fund on Thursday, but said he may want lawmakers to approve making part of the General Improvement Fund available for both a fund and for one-time projects traditionally funded by the surplus.
"I think the best course of action is to ask the Legislature to make it available for both purposes, with the first call being in effect to plug shortfalls if the national downturn affects us," Beebe said. "If we have the good fortune to not need it for that purpose, then it would be available for those traditional GIF purposes."
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