CHICAGO — Ohio has more than $2 billion in its rainy-day fund, the most in the state's history, officials said.
The Buckeye State on July 9 deposited $526 million into the fund as part of its new two-year budget. The move pushed the fund's balance to a record high of just over $2 billion.
Lawmakers recently revised state law to allow the fund to hold as much as 8.5% of the prior fiscal year's general fund revenue, up from 5%.
Gov. John Kasich, who is running for President as a Republican candidate, has repeatedly said in campaign speeches that the fund had only 89 cents in it when he took office in 2010.
"At a time when nearly half of the other states are experiencing budget challenges, this is a testament to Ohio's fiscal strategy of conservative revenue estimates, restrained public spending and job-friendly policies," budget director Tim Keen was quoted as saying in the Columbus Dispatch.
Critics say the savings comes at the expense of budget cuts that hurt local governments and social services.
Ohio is rated in the double A-plus category by the three major ratings firms.
