Ohio Has Largest ‘Rainy Day’ Fund In State History
Ohio now has its largest “rainy day” fund ever.
The Ohio Office of Budget and Management transferred $727 million into the Ohio Budget Stabilization Fund, otherwise known as the “rainy day” fund, bringing the cash balance to nearly $3.5 billion.
This funding reserve represents the largest balance for the fund in state history.
The Ohio Budget Stabilization Fund is a reserve balance that is set aside during good economic times to protect the state budget from cyclical changes in revenues and expenses that may occur during poor economic times.
Today, Ohio transferred $727 million into the "rainy day" fund, bringing the cash balance to nearly $3.5 billion. This funding reserve represents the largest balance for this fund in state history! Details: https://t.co/9DnGXwC4gp
— Governor Mike DeWine (@GovMikeDeWine) January 17, 2023