Nevada’s ‘rainy day’ fund richest in history
After Thursday’s deposit, Nevada’s rainy day fund is now at its highest level ever with more than $293 million.
The fund is designed to give the state a pad in cases of economic downturn.
“When I took office in January 2011, the state’s rainy day fund balance was zero,” said Gov. Brian Sandoval.
The balance is the result of Nevada’s economic growth and recovery as well as diversification.
Thursday’s deposit was $55 million, a sizeable portion of which came from the marijuana tax.
Sandoval said projections are the balance will reach $326 million by the end of this fiscal year June 30.