New Deposits In State's Rainy Day Fund Bring Total To More Than $2 Million
More than $29 million has been deposited in the state’s savings account, which already held a record amount.
Budget and Management Director Tim Keen says the deposits to the rainy day fund were more than he expected to have this year but…..
“This deposit is somewhat smaller than we’ve seen in past years but nonetheless, we are in a very healthy financial situation. And the two billion dollars is there to address circumstances we might not foresee when we put the budget together.
State law mandates extra revenue at the end of the fiscal year be put into the state’s rainy day fund. Some Democrats say some of the record $2 billion already in the account should be given to local communities that have been suffering financial stress due to recent cuts in government funding.