RAINY DAY FUND REVIVAL
State’s emergency reserve grows to historic highs
The Budget Stabilization Fund, more commonly referred to as the Rainy Day Fund, has made history under Comptroller Mendoza’s administration. On March 29, 2023, Mendoza announced a $150 million transfer to the Rainy Day Fund, bringing the fund’s balance to a record-high amount of $1.22 billion.
As this chart shows, the projected amount of the Rainy Day Fund by the end of this current fiscal year, on June 30, $1.9 billion.
Comptroller Mendoza is working to codify automatic payments into the fund, as well as the Pension Stabilization Fund, when the state can afford it.
Read more about the history of the Rainy Day Fund here. ■