State Representative Mike Madden, speaking at the Johnson County Republican Convention Saturday, said the state's reserve accounts are in good shape so far, but low oil, gas and mineral prices are going to make future budgets a challenge if they stay at current low levels.
The so-called “rainy day funds” might need to be used sooner than later, he said.
Madden told those attending the convention that Saturday morning's natural gas price was $2.12 per 1,000 cubic square feet, compared to just over $9 for the same volume just a few years ago.
He explained when there might be a rainy day.
Madden said in addition to the $1.6 billion in the Legislative Reserve Account, there is also $900 million in the General Reserve Account.
Madden said in planning for the rainy day, there isn't any need for people to panic, but state gavernment needs to be careful, cautious and fiscally responsible in the coming years.