Idaho budget committee OKs increase in rainy-day funds

BOISE, Idaho (AP) - The amount of money in Idaho's rainy-day fund that serves as a cushion against a potential economic downturn would increase under proposed legislation.

The Legislature's powerful budget-setting committee on Friday followed Republican Gov. Brad Little's recommendation and voted for the House to hear the bill that would increase the Budget Stabilization Fund to 15% of general fund revenues.

The fund is currently capped at 10%. Republican Sen. Scott Grow said a recession isn't looming, but Idaho will eventually have to deal with one.

State officials say that change plus deposits would get the fund to more than $600 million by next year.