SPRINGFIELD, Ill. (WMBD) — On Monday, a $11.5 million deposit was made in the Illinois’ piggy bank, putting the Illinois Rainy Day Fund at a $2 billion.
An Illinois comptroller news release states that during the fiscal impasse of 2017, the Rainy Day Fund hovered around $48,000, an amount that wouldn’t run the state for 30 seconds.
“Whatever you think Illinois’ most important program is – funding our schools, policing our highways, caring for the elderly – that program is in jeopardy when a crisis strikes if Illinois has not built up a strong reserve,” said Comptroller Susana Mendoza.
She continued, “The bond rating agencies have been telling us this for years and part of the reason we got our 9th credit upgrade last week is because we are building up our Rainy Day Fund.”
A reserve totaling $2 billion can run Illinois for roughly 15 days.
Mendoza has written legislation, HB2515, that would require regular deposits made in the Rainy Day Fund and Pension Stabilization Fund. It has not passed out of the statehouse and will be reintroduced in the 2024 legislative session.