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Economy

Ohio's Rainy Day Fund Jumps to $2.7 Billion

photo of rainy day fund presentation
ANDY CHOW
/
STATEHOUSE NEWS BUREAU
Gov. John Kasich says he is worried future leaders will want to spend the money.

The state has deposited more than $650 million into the rainy day fund. Despite being a large pot of money, Gov. John Kasich is warning state leaders to leave it alone.

Focusing on adding money to the budget stabilization fund, also known as the rainy day fund, has been a priority for Kasich since taking office. Now the state has slightly less than $2.7 billion in its reserve.

Kasich urges that this money is only to help cushion the fall from an economic downturn.

“You know how many times politicians wanted us to spend this $2.7 billion? Do you know how many times they would go, ‘Oh, give me more money ... ?,’" he said. "I’m not going to be weighing in on this, but that’s what I worry about in the future."

Democratic lawmakers fired back, saying Kasich was able to feed the rainy day fund by making large budget cuts to education and local governments.