Finance

Ohio Governor Boosts Rainy Day Fund to New High

Ohio's rainy day fund has hit an all-time high of $1.48 billion, following a deposit of $996 million last week from a budget surplus.
July 15, 2013
 

Ohio’s rainy day fund has hit an all-time high.

Gov. John Kasich on Thursday filled the account with a deposit of nearly $996 million, bringing the total to $1.48 billion. The deposit, made possible by a nearly $2 billion surplus in Ohio’s General Revenue Fund, marks the first time in more than a decade that the fund has reached its maximum.

The rainy day fund, officially known as the Budget Stabilization Fund, is used to set aside state money during good economic times that can be used during unexpected economic downturns.

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