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.
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.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
LATEST FINANCE HEADLINES
Pennsylvania Governor Prepares New Budget While Still Struggling to Pass This Year's2 hours ago
White House Asks Congress for $1.8 Billion to Combat Zika2 hours ago
Is Paying People Not to Commit Crimes Effective?16 hours ago
Gas Tax Increases Still a Hard Sell in States and Congress3 days ago
Obama Wants to Tax Oil Companies to Fund Green Transit3 days ago
The Week in Public Finance: A Muni Bond Victory in Congress and a Ukraine-Inspired Idea to Restructure Puerto Rico3 days ago