Rainy Day Fund


Also found in: Acronyms.

Rainy Day Fund

1. In the United States, savings put aside by individual states to pay for services when revenues fall below expenditures. That is, when the state is required to spend money in excess of its tax and other revenue, it may use the rainy day fund to make up the difference. States put a certain percentage of their budget surpluses into their rainy day funds. Rainy day funds are especially important for states that have balanced budget amendments in place.

2. More broadly, any savings especially set aside for a specific purpose.
References in periodicals archive ?
From a $1 billion deficit to $1 billion in our Rainy Day Fund, Arizona has never been better prepared for our future, said Governor Ducey.
"Our surplus and rainy day fund are crucial to sustaining us in the event of an economic downtown, which most economists view as inevitable, sooner than later," Muoio said in her testimony to the Senate Budget and Appropriations Committee on Tuesday afternoon.
Even with that $155 million, that still leaves the state far short of the $1 billion that Ducey wants for the rainy day fund.
POUND NOTES Two fifths of those surveyed said they had raided their rainy day funds A THIRD OF HOME OWNERS HAVE NO 'RAINY DAY' SAVINGS, SURVEY FINDS A THIRD (31%) of home owners have no "rainy day" fund for emergencies such as a boiler breakdown, a survey has found.
He added: "This Bill is the much advertised rainy day fund that has been sold by Fine Gael and Fianna Fail as an insurance policy to help the Irish economy in the event of a downturn or economic trouble in the future.
Editor's note: This story has been updated with additional information about Texas' Rainy Day Fund.
Collections surpassed the estimate by about 7 percent, or $381.6 million.All money that goes into the general revenue fund and surpasses estimates must be placed in the Rainy Day Fund, said Shelley Zumwalt, the spokeswoman for OMES.
The governor is proposing to set aside $5 billion from fiscal 2019 revenues in the state's rainy day fund (the Budget Stabilization Account), $3.5 billion above what would be required by law.
A poll taken earlier this year on behalf of the Oregon School Boards Association found 61 percent of respondents would strongly, or somewhat, support elimination of the kicker if that money instead went into a rainy day fund for public schools.
Based on the strength of its rainy day fund, ranks only 38th in the nation, right below Massachusetts and right above Maine.
* Two-thirds (68 percent) have had to dip into their rainy day fund in the past, with car repairs (25 percent), job loss (21 percent), and home repairs (20 percent) being the most common reasons.
The Scotland Office said the Edinburgh administration may now make their first payment into the rainy day fund.