Illinois’ Rainy Day Fund has reached a milestone, a balance of more than $2 billion. That comes after Monday’s $11.5 million deposit. During the budget impasse of 2017, the fund had a balance of just $48,000.
Illinois Comptroller Susana Mendoza says it has been a joint effort to prioritize building up the reserve to useful levels, and the growth of the fund is part of the reason Illinois received its ninth credit upgrade last week. She says a $2 billion reserve would run the state for about 15 days, and adds that nearly half of all states have at least a 50-day reserve.