Illinois is about to have a billion-dollar rainy day fund for the first time in its history.
Comptroller Susana Mendoza will make another payment into the fund Thursday, the last in a series of boosts to the fund spelled out in the most recent state budget. It’s a big change from Illinois’s recent fiscal history, where its rainy day fund usually had only enough cash on hand to cover less than one minute’s worth of typical state spending. The budget stabilization fund, as it’s officially known, is supposed to provide the state with a cushion to deal with fiscal emergencies, cash flow issues, and other unexpected needs.
[Mendoza will appear live Thursday afternoon at 4pm on WMAY to discuss the rainy day fund and other aspects of the state’s finances.]
