Kansas has a rainy day fund of nearly $1 billion, according to an announcement from Gov. Laura Kelly.
The state closed out the fiscal year with a rainy day fund balance of $969 million, according to a news release from the governor’s office.
It was the first year since fiscal year 1999 that the State Finance Council did not have to vote to take out a short-term loan to cover the state’s day-to-day expenses, according to the governor’s office.
At the start of the Kelly administration, there were no savings in the state’s rainy day fund and Kansas was last compared to other states in its savings for the future.
Earlier this year, the state budget made a $500 million deposit in the fund and an omnibus bill had another $250 million deposit. Then, $219 million more was transferred from the state general fund. Fiscal year 2022 revenues continued to beat estimates, leaving the state with higher than anticipated levels of cash.
“When I first came into office, Kansas had no savings, and in fact, was going into debt every year,” Gov. Kelly said in a news release. “My administration worked to put Kansas on a consistent path of fiscal stability and economic growth.
“That work has paid off. This past fiscal year, we were able to save for the future in record numbers, fully fund K-12 education, make historic investments in law enforcement and higher education, and axe taxes – all without going into debt,” Gov. Kelly said.
Kansas’ Rainy Day Fund was created in 2017 when the Kansas Legislature ended the Brownback-era tax experiment that gutted state budgets and downgraded the state’s credit rating. The previous all-time high balance in the fund was $81.9 million.