The fund is being established with a one-time injection of $793 million in funding from the state’s Economic Stabilization Fund—more commonly known as the Rainy Day Fund—after voters approved Proposition 8 on Nov. 5.
However, state lawmakers can choose to add more money to the fund in the future, officials said.
The new fund, which is being called the Flood Infrastructure Fund, will be managed by the Texas Water Development Board, which hosted a series of workshops around the state in 2019 to solicit feedback on how to prioritize projects. With Proposition 8’s success, TWDB Director Kathleen Jackson said funds should become available in 2020 and will be used to meet immediate needs.
This article ran in the December 2019 edition of The Woodlands. Read the full e-edition here.