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
The Week in Public Finance: Moody About Ratings, the Worst-Funded Pension and Data Disappointment3 days ago
After Failed Tax Hike, Michigan Finds $400 Million for Roads3 days ago
Kansas Lawmakers May Expand Medicaid If...4 days ago
U.S. House Approves Short-Term Highway Funding5 days ago
Supreme Court Ruling on Maryland's Double Income Tax Could Impact Other States and Localities6 days ago
Florida Governor Warns Agencies to Prepare for Possible Government Shutdown1 week ago