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Friday, Mar. 29, 2024

Riedel applauds Rainy Day Fund deposit

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COLUMBUS — State Representative Craig S. Riedel (R-Defiance) applauded the announcement that the Ohio Office of Budget and Management will be making a deposit of $657.5 million into Ohio’s Budget Stabilization Fund, also known as the Rainy Day Fund.

The deposit will be the sixth made since 2011, when there was just 89 cents in the fund. Since taking back the majority in 2011, House Republicans have helped build this surplus by passing balanced biennial budgets and encouraging fiscally responsible policies.

“With the deposit of this money into the Rainy Day Fund, Ohio will have more financial security for any future monetary emergency. Ohio’s economy is on solid ground because of the fiscal restraint achieved by the last few General Assemblies,” Rep. Riedel said. “This good news allows the next General Assemblies the opportunity to further reduce the taxes that Ohio citizens pay.”

The Rainy Day Fund — now at nearly $2.7 billion — is Ohio’s savings account, a reserve set aside during strong economic times to prepare for cyclical changes in revenues and expenses.

POSTED: 07/14/18 at 5:46 am. FILED UNDER: News