Governor DeWine Announces Largest "Rainy Day" Fund in Ohio History

(COLUMBUS, Ohio)—Ohio Governor Mike DeWine and Lt. Governor Jon Husted today announced an historic increase in the balance of Ohio's savings account.

Today, 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 this fund in state history. 

“We are delivering on our promises to Ohioans with conservative management and sound budgeting," said Governor DeWine. "Businesses and investors can be assured that Ohio’s finances are in order, and we are planning for the long term. Filling up our rainy day fund is another way that we are showing strong results for our citizens.”

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. Ohio law caps the Budget Stabilization Fund at 8.5 percent of General Revenue Fund revenues. The DeWine-Husted Administration’s commitment to conservative budgeting, sound financial management practices, and responsible budget planning led to funds being available to be transferred into the "rainy day" fund this year, and the transfer raises the fund to its highest balance ever. The Ohio General Assembly voted in House Bill 45 to transfer funds to reach that maximum statutory level.

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