A rainy day or rainy day fund is a reserved amount of money to be used in times when regular income is disrupted or decreased in order for typical operations to continue. In the United States, the term is usually used to apply to the funds maintained by most U.S. states to help deal with budget shortfalls in years where revenues do not match expenditures. This is critical to the operations of most states, which do not permit their governments to take on debt, meaning that services would have to be cut in the absence of reserve funds.

New York State Comptroller The New York State Comptroller is an elected constitutional officer of the U.S. state of New York and head of the New York state government's Department of Audit and Control. The New York State Comptroller is the highest-paid state auditor or ...

Thomas DiNapoli Thomas Peter DiNapoli II (born February 10, 1954) is an American politician serving as the 54th and current New York State Comptroller since 2007. A member of the Democratic Party, he was previously the New York State Assemblyman for the 16th dis ...

recommended in March 2010 that the state require that one half of surpluses be deposited into the rainy day fund."DiNapoli wants to alter budget process"
''Business First of Buffalo'' and ''The Albany Business Review'', March 9, 2010. The

Massachusetts Massachusetts (Massachusett: ''Muhsachuweesut Massachusett_writing_systems.html" ;"title="nowiki/> məhswatʃəwiːsət.html" ;"title="Massachusett writing systems">məhswatʃəwiːsət">Massachusett writing systems">məhswatʃəwiːsət'' En ...

rainy day fund has been the focus of tussles between the

Governor of Massachusetts The governor of the Commonwealth of Massachusetts is the chief executive officer of the government of Massachusetts. The governor is the head of the state cabinet and the commander-in-chief of the commonwealth's military forces. Massachuset ...

and the

Massachusetts General Court The Massachusetts General Court (formally styled the General Court of Massachusetts) is the State legislature (United States), state legislature of the Massachusetts, Commonwealth of Massachusetts. The name "General Court" is a hold-over from th ...

. Some research suggests developing a national rainy day fund for states might improve state credit ratings and reduce capital financing costs for states.

References

External links

Massachusetts 'Rainy Day' Stabilization Fund
Government budgets {{econ-term-stub

See also

References

External links