At least 17 states have authorized and or made withdrawals from their rainy day funds this year in order to fill budget holes, according to a new analysis by The Pew Charitable Trusts. Some withdrawals were small, others were more than half of what was set aside.
In fiscal 2020, at least 36 states had planned to make additional rainy day fund deposits but were constrained by fiscal and economic difficulties resulting from their respective state COVID-19 shutdowns, which resulted in increased unemployment and decreased revenue.
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