LAS VEGAS, Nev. (FOX5) – Nevada’s Rainy Day Fund is 100% full at over $1.24 billion, according to a recent update from state leaders.
The fund serves as a way to help state leaders save money during times of growth to offset the impact of economic downturns like natural disasters or state emergencies. And after a transfer from the state’s general fund last week, the fund currently sits at $1,243,622,734.24.
“Fiscal responsibility is the backbone of our state budget, and fully funding the Rainy-Day Fund is an essential component of judicious state management,” said Governor Joe Lombardo. “Our savings ensure that Nevadans can count on the State’s preparedness in times of economic uncertainty.”
Nevada now has one of the highest fund balances “as a percentage of annual spending,” according to PEW Charitable Trusts.
“Nevada continues to lead the nation in fiscal management as the State has now fully funded the Rainy-Day Fund,” said Treasurer Zach Conine. “By having robust savings, we can ensure that Nevadans can continue to expect their government to deliver for them, especially in times of emergencies.”
State law requires two transfers to be made from the state’s General Fund to help maintain the Rainy Day Fund.
These transfers include:
- 1% of the total anticipated revenue for each fiscal year as projected by the Economic Forum; and
- 40% of the unrestricted balance of the state’s general fund that exceeds 7% of General Fund operating appropriations.
Legislation spearheaded by Gov. Lombardo during the 82nd Legislative Session now allows the Rainy Day Fund to equal up to 26% of total appropriations from the general fund.
Through legislation spearheaded by Governor Lombardo and approved by the Legislature during the 82nd Legislative Session, the balance of the Rainy-Day Fund can now equal up to 26% of the total appropriations from the State General Fund.
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