Kansas closes FY22 with $969 million in Rainy Day Fund
TOPEKA, Kan. (WIBW) – The Sunflower State closed fiscal 2022 with $969 million saved for a rainy day.
On Tuesday, July 5, Kansas Governor Laura Kelly says the state ended fiscal 2022 with a Rainy Day Fund balance of $969 million and no certificate of indebtedness.
Governor Kelly said fiscal year 22 marks the first time in more than 20 years that the Kansas State Board of Finance has not had to vote to take out a short-term loan to cover day-to-day expenses of the state.
Early in his administration, Kelly said there were no savings in the Rainy Day Fund and the state ranked last when it comes to saving for the future. Earlier in 2022, she said she signed a budget which made a historic deposit of $500 million into the Fund and an omnibus bill containing another deposit of $250 million into the Fund.
Before the end of the fiscal year, the Governor said an additional $219 million had been transferred from the State General Fund. She said the latest deposit was made because revenues continued to climb above estimates, leaving the Sunflower State with higher than expected cash levels.
“When I took office, Kansas had no savings and, in fact, was going into debt every year. My administration has worked to put Kansas on a consistent path of fiscal stability and economic growth,” he said. Kelly said, “That hard work has paid off. In the past fiscal year, we’ve been able to save for the future in record numbers, fully fund K-12 education, make historic investments in the app law and higher education and lower taxes, all without getting into debt.
Kelly noted that the state Rainy Day Fund was created in 2017 when the Kansas Legislature ended the Brownback-era tax experiment that gutted state budgets and lowered the state’s credit rating. She said the fund’s previous record balance was $81.9 million.
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