SPRINGFIELD, Ill. (WCIA) — Illinois’ reserve account has reached an important milestone.
State Comptroller Susana Mendoza deposited $11.5 million into the state’s Rainy Day Fund Monday, totaling to $2.005 billion in the fund.
At the lowest point in 2017 during Illinois’ budget impasse, the fund had only $48,000, which would fund the state for less than 30 seconds. According to Mendoza, $2 billion would fund the state for around 15 days, but most states have a reserve of enough funding for at least 50 days.
“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,” Mendoza said.
The comptroller has also been advocating for a bill that would require payments into the Rainy Day Fund and the Pension Stabilization Fund.
“It takes self-discipline and real legislative will to build up a Rainy Day Fund instead of spending money on short-term needs,” she said. “A healthy Rainy Day Fund and a reduced pension shortfall don’t bring ribbon cuttings, but they bring the sound financial base that gets Illinois ready for its growth spurt.”
More information about the state’s Rainy Day Fund can be found on the Comptroller’s website.