AMENDMENT 6 IS USEFUL FOR FISCAL RESPONSIBILITY

Voters have the opportunity on Nov. 3 to direct lawmakers in Jefferson City to a course of greater fiscal accountability. Amendment 6 would write a so-called Budget Stabilization Fund into the Missouri Constitution. It is an imperfect ballot measure with its heart in the right place, and the best way to enable the amendment to reach its potential is to supply it with an overwhelming mandate. We endorse the passage of Amendment 6.

Those knowledgeable about state government realize that a Budget Stabilization Fund (also called the "Rainy Day Fund") has been in existence since a legislative act in 1985. Those same attentive folks will also know that despite such good intentions seven years ago, the account went unfunded until this year, when just $17 million was deposited. What this amendment does is provide the fund with a higher legal standing.

The fund is no great governmental innovation; most families, businesses and many local governments squirrel away money for a rainy day. This account, when properly funded, would serve as a fiscal cushion in years when state revenue projections are beneath what the state budget was based on. Further, it would reduce major withholdings from state agencies due to revenue shortfalls. (The budget writers and employees at Southeast Missouri State University, who have endured many such withholdings, would surely appreciate such protection.) If a state emergency developed, money would be in place to accommodate it.

According to the amendment, the fund would maintain a balance of between 3-5 percent of current collections. At this time, the fund could be as high as $226 million. Money could be drawn from this fund only by a 57 percent vote of both the Missouri House and Senate.

The fault with the amendment is that it doesn't go far enough. There is no built-in mandate for the General Assembly or governor to put money into the fund. Here is a key phrase in the measure: "In any budget submitted to the General Assembly, the General Assembly may authorize an appropriation from general revenue to the Budget Stabilization Fund." This isn't to our liking, but it doesn't harm the bill.

If anything, the lack of a written guideline should strengthen the resolve on those who want this measure approved. A strong showing in support of the Budget Stabilization Fund would give elected officials in Jefferson City a clear view of how Missouri citizens feel about budgetary responsibility. A state government is not the type of entity that operates well in hand-to-mouth fashion. Saving for a rainy day makes sense, and passage of this amendment strengthens the chance of this happening in Missouri.

We encourage Missourians to vote "Yes" on Amendment 6.