Governor Mike DeWine and Lieutenant Governor Jon Husted report a historic increase in the balance of Ohio's savings account.
The Office of Budget and Management recently transferred $727 million into the budget stabilization fund, otherwise known as the “rainy day” fund, bringing the cash balance to nearly $3.5 billion. The 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.”
The 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 periods.
“Balanced budgets and saving for a rainy day are foundational elements of running a responsible government,” said Lt. Governor Husted. “We are growing the Ohio economy, and as a result of that growth, we have been able to fund state government, cut taxes and balance the budget.”
The administration’s financial resilience also led to recent positive rating actions from two prominent credit rating agencies. Fitch Ratings increased Ohio’s long-term issuer default rating to AAA and Moody’s Investors Service elevated its outlook to positive on Ohio’s Aa1 issuer rating.
To learn more about the budget stabilization fund, visit obm.ohio.gov.
