The balance of Nevada’s Rainy-Day Fund has now risen to over $1.24 billion following a transfer of $12.67 million from the State’s General Fund last week.
The state says the Rainy-Day Fund is now 100% full after continuing to reach record balances each fiscal year since the pandemic.
“Fiscal responsibility is the backbone of our state budget, and fully funding the Rainy-Day Fund is an essential component of judicious state management,” said Governor Joe Lombardo. “Our savings ensure that Nevadans can count on the State’s preparedness in times of economic uncertainty.”
“Nevada continues to lead the nation in fiscal management as the State has now fully funded the Rainy-Day Fund,” said Treasurer Zach Conine. “By having robust savings, we can ensure that Nevadans can continue to expect their government to deliver for them, especially in times of emergencies.”
Nevada’s Rainy-Day Fund balance also continues to be a major indicator of the State’s continued financial outlook. The state says revenue collections are steadily trending higher than projections from the Economic Forum, while the State Treasury continues to generate record investment returns for the State’s General Fund.
According to PEW Charitable Trusts, Nevada now has one of the highest Rainy-Day Fund balances as a percentage of annual spending.
Pursuant to NRS 353.288, two transfers are required to be made from the State’s General Fund to the Account to Stabilize the Operation of State Government, commonly referred to as the Rainy-Day Fund.
These transfers include:
- 1% of the total anticipated revenue for each fiscal year as projected by the Economic Forum; and
- 40% of the unrestricted balance of the State’s General Fund that exceeds 7% of General Fund operating appropriations.
Through legislation approved by lawmakers during the 82nd Legislative Session, the balance of the Rainy-Day Fund can now equal up to 26% of the total appropriations from the State General Fund.
As a result of these changes, the current balance of the Rainy-Day Fund is $1,243,622,734.24.
(Officer of Nevada State Treasurer contributed to this report.)
