Houston has blown through (pardon the phrase) its entire municipal rainy day fund -- $20 mil -- and is taking an extra $5 million out of a road fund because of Hurricane Ike, The Chronicle is reporting tonight.

... City Controller Annise Parker said the disaster shows Houston should always keep at least $50 million on hand for unanticipated emergency needs.

Parker acknowledged rainy day funds can become controversial because citizens don't always like the idea of "governments sitting on a lot of cash." But, she said, "you need it in an emergency. Here's an emergency.''

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