COLUMBUS—State Representative Anne Gonzales (R-Westerville) today 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.
This shows that the hard work the General Assembly has done since I have been in office is paying off. We have cut taxes and spending, and now we have a large reserve in case of another recession.
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.