Nevada officials: ‘Rainy-Day Fund’ at 100%
The State of Nevada on Wednesday had $1.24 billion set aside for emergencies, meaning that its so-called “Rainy-Day Fund” is fully funded, according to officials.
“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 Gov. Joe Lombardo in a news release. “Our savings ensure that Nevadans can count on the State’s preparedness in times of economic uncertainty.”
Lombardo and State Treasurer Zach Conine announced that a transfer last week of $12.67 million from the general fund put the emergency fund over the top.
The officials said that the development points to Nevada’s “continued positive financial outlook” since the outset of the pandemic.
“Nevada continues to lead the nation in fiscal management as the State has now fully funded the Rainy-Day Fund,” Conine said in the release. “By having robust savings, we can ensure that Nevadans can continue to expect their government to deliver for them, especially in times of emergencies.”
The Lombardo office’s Economic Forum reported that “revenue collections” are trending upward and that Conine’s office “continues to generate record investment returns” for the general fund.
Nevada has one of the healthiest emergency fund balances, said the release, citing the PEW Charitable Trusts.
“In the event of an economic downturn, this means Nevada is exceptionally positioned to continue providing essential government services,” the release said.
Contact Ricardo Torres-Cortez at rtorres@reviewjournal.com.