SPRINGFIELD, Ill. – Illinois’ Rainy Day Fund has another record-setting infusion of cash.
Comptroller Susana Mendoza says the fund now has $1.73 billion in it after another $150 million state-mandated deposit.
And the change of the fiscal situation has paid off.
“This is a dramatic financial turnaround for Illinois,” said Mendoza “The credit agencies have rewarded us with eight credit upgrades — the first in over 20 years.”
Mendoza says just like you should save at home, the state should be saving, too.
“Historically, we have not done that,” said Mendoza. “We’ve been dramatically under-prepared, compared to other states.”
The Rainy Day Fund is supposed to be used in the event of an economic downtown, or another pandemic. Just four years ago, it had only $48,000 in it.
