COLUMBUS — Governor Mike DeWine and Lt. Governor Jon Husted announced Tuesday the state’s ‘rainy day’ fund was the highest in state history, according to the governor’s spokesperson.
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The Ohio Office of Budget and Management transferred $727 million into the Ohio Budget Stabilization Fund bringing the cash balance to nearly $3.5 billion.
“We are delivering on our promises to Ohioans with conservative management and sound budgeting,” said Governor DeWine. “Businesses and investors can be assured that Ohio’s finances are in order, and we are planning for the long term. Filling up our rainy day fund is another way that we are showing strong results for our citizens.”
Lt. Gov. Husted added balancing budgets and “saving for rainy day are foundation elements of running a responsible government.”
“We are growing the Ohio economy,” he said. “As a result of that growth, we have been able to fund state government, cut taxes and balance the budget.”
Two prominent credit rating agencies have given Ohio high marks, the governor’s spokesperson said.
Fitch ratings increased Ohio’s long-term Issuer Default Rating to “AAA” and Moody’s Investors Service elevate is outlook to “Positive” on Ohio’s “Aa1″ Issuer rating.
Today, Ohio transferred $727 million into the "rainy day" fund, bringing the cash balance to nearly $3.5 billion. This funding reserve represents the largest balance for this fund in state history! Details: https://t.co/9DnGXwC4gp
— Governor Mike DeWine (@GovMikeDeWine) January 17, 2023
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