A long way from zero.
Two years ago, state Legislators had to spend down the state’s budget stabilization fund – to balance the budget, during a state revenue downturn.
Now, thanks to an improved state economy, and robust state tax collections, that fund is being replenished.
"The most current estimate, through the end of May, would be about $450 million," said state Office of Management and Budget director Joe Morrissette. "About $150 million more than what was assumed in the March, 2019 Legislative forecast."
Once the ending fund balance reaches $65 million, the rest of the money flows into the stabilization fund. And Morrissette said once that fund reaches the $725 million mark, anything over that would flow back into the general fund.
Morrissette said that $450 million number will continue to grow, because that was a May estimate, meaning there is another month left in the current biennium.
"We will likely have a balance of over $600 million in the budget stabilization fund," Morrissette said.
