Comptroller Mendoza Makes Record Deposit into the Rainy Day Fund

Thursday, June 29, 2023

SPRINGFIELD—Comptroller Susana A. Mendoza announced Thursday that she is depositing $200 million into the state’s Rainy Day Fund (Budget Stabilization Fund), bringing the state’s reserve fund to a record of $1.94 billion. 

The $200 million transferred to the Rainy Day Fund caps off an $850 million supplemental appropriation approved by the General Assembly and Governor in January, when revenue estimates came in higher than what was originally budgeted. 

“One of the most important things state leaders did for this fiscal year was to resist spending this additional revenue on new programs, and instead decided to save and prepare the state for potential downturns in the future,” Comptroller Mendoza said. 

The cash balance in the Rainy Day Fund now has reached an all-time high of nearly $2 billion, miles from the $48,000 balance in the fund in August 2018, which was barely enough to run state operations for 30 seconds.