To help balance the budget, the 2017 Legislature had to access the budget stabilization fund – the so-called “rainy day” fund.
The fund had $575 million in it – when the fiscal year began last July. Now, as of April 30th, it has just over $6 million.
"It served its purpose," said the state's Chief Investment Officer, Dave Hunter. He said the fund will rebuild.
"It's always great to have more rainy day funds than not," Hunter said. "We have come through a pretty tough time. But we look forward to building it."
Hunter said the state’s Legacy Fund now stands at just over $4.5 billion. The earnings from that fund are now transferred to the state’s general fund. It earned $395 million in the first 10 months of fiscal year 2017 – marking the first time earnings outstripped deposits into the fund. The deposit was $329 million in that same time frame.
"For the 10 months which ended April 30th, the fund earned 10 percent," Hunter said. "It reflects what's happening in the equity markets these days."
Since its inception – the Legacy fund has earned more than $660 million.
