An infusion of $150 million into the state’s Rainy Day Fund brings the balance to over $1.2 billion.  That’s a record high, according to Comptroller Susana Mendoza. Three more payments are expected before the end of the fiscal year. The fund was at just over $48,000 in 2018 after a budget impasse from 2015 to 2017.

She says it’s important to resist spending all the forecasted revenue surplus and to put as much as we can into the state’s reserves for economic downturns. The growth of the fund has improved the state’s credit rating. resulting in better rates on bonds and more savings for taxpayers says Mendoza.