Mendoza urges automatic payments into ‘rainy day fund’
State’s financial cushion was exhausted during budget impasse
SPRINGFIELD (Capitol News Illinois) – Illinois Comptroller Susana Mendoza is pushing legislation that would require the state to make automatic deposits into its so-called “rainy day fund” whenever certain financial conditions are met. Officially known as the Budget Stabilization Fund, it was created in 2001 as a reserve so the state could pay its bills in a timely manner, especially during regular months of the year when revenues are lower than other months. The goal was to maintain a reserve […]
