SPRINGFIELD, Ill. – The State of Illinois’ Rainy Day Fund — once all but completely ignored by lawmakers from both parties alike — is now about to hit $1 billion.
Comptroller Susana Mendoza says she has deposited another 100 million dollars into the fund, bringing it up to $854 million.
“We will have another deposit coming in the next few months to finish off that billion dollar commitment to the Rainy Day Fund. But, it’s just a start,” said Mendoza.
Yes, that is your tax money in the fund, but Mendoza says when she took office, following, among other things, a two year budget impasse, the Rainy Day Fund had only $60,000 in it.
“People who did business with our state, whether they were businesses or doctors or social service providers, on average had to wait 210 business days to get paid, because the state had no money,” said Mendoza. “There was no budget. And, more importantly, there was no Rainy Day Fund.”
Should there be another pandemic or budget impasse, Mendoza says the money will be necessary.
