Rep. Reineke Commends Sixth Deposit Into Ohio's Rainy Day Fund Since 2011
Deposit builds upon more than $2 billion in reserves
July 12, 2018
 
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COLUMBUS—State Representative Bill Reineke (R-Tiffin) applauded the announcement that the Ohio Office of Budget and Management will be making a deposit of $657.5 million into Ohio’s Budget Stabilization Fund, also known as the Rainy Day Fund.


The deposit will be the sixth made since 2011, when there was just 89 cents in the fund. Since taking back the majority in 2011, House Republicans have helped build this surplus by passing balanced biennial budgets and encouraging fiscally responsible policies.


“As a member of the House Finance and Ways and Means committees for the past four years, I am extremely proud of the work we have done to ensure that the state of Ohio is in prime fiscal shape,” said Reineke. “When times are good, we must prepare for times in the future that won’t be so good; the continuing efforts by the legislature and Governor to build up Ohio’s Rainy Day Fund signal that we are financially ready for when the next crisis comes.”


The Rainy Day Fund—now at nearly $2.7 billion—is Ohio’s savings account, a reserve set aside during strong economic times to prepare for cyclical changes in revenues and expenses.

 
 
 
  
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