Sen. Joe Zarelli, R-Ridgefield, today proposed an amendment to the state Constitution that could beef up the state rainy day fund by requiring that a portion of state tax revenue growth during economic boom times be transferred into the reserve account.

Under the proposal, Senate Joint Resolution 8209, tax revenue that exceeds 133 percent of the previous 10-year average per biennium would be transferred automatically into the rainy-day account.

During the past 10 years the state revenue growth averaged 8 percent per biennium. If this amendment were enacted, the revenue growth would have needed to reach above 10.64 percent per biennium to trigger the proposed requirement. During the 2005-2007 biennium, revenue grew 18 percent.

Zarelli contends his proposal could have made the looming budget deficit $5 billion smaller if it had been in place earlier.

Majority leader Lisa Brown's office issued a statement saying she has signed on to the bill:

"She views his proposal as a conversation worth having. She fully expects it to get a hearing in Ways and Means, but ... doesn't want to presuppose the committee process and predict anything beyond that."

Each year 1 percent of the state's general-fund revenue is set aside into a rainy-day fund. Those reserves can be tapped only by legislators in times of economic downturn or state emergency.

Voters approved the constitutionally protected raining day fund in November 2007.