SPRINGFIELD, Ill. – The State of Illinois’ Rainy Day Fund has hit an important milestone.
After a recent transfer, Illinois Comptroller Susana Mendoza says the fund now has $1 billion.
“People have heard pretty much every day of their lives that at home, in our own household finances, we should prepare to have an emergency fund,” said Mendoza. “That is the equivalent to the state’s Rainy Day Fund.”
During a two year budget stalemate between lawmakers and Republican Governor Bruce Rauner in 2015, Mendoza says the Rainy Day Fund could barely handle a light shower. The balance in the fund then? Just $48,000.
“We want to make sure that it’s as good as possible, because of, God forbid, another economic downturn,” said Mendoza. “You hear talk about a possible recession. You want to be better prepared to weather whatever economic downturn comes our way.”
Mendoza says she’d eventually like to see $3 billion in the Rainy Day Fund.
