LAS VEGAS (KTNV) — The Nevada State Treasurer Zach Conine announced on Monday that the balance of Nevada's Rainy-Day Fund is now over $1.23 Billion, its highest level in history.
The fund reached the record-setting amount after $326 Million was transferred from the state's General Fund last week, according to a news release. This news comes as high spending and inflation continue to drive up excess tax revenues, which has sent more money into the state's emergency savings account.
The Treasurer's Office says this also marks an "unprecedented period of responsible fiscal management, coming out of the economic downturn caused by the COVID-19 pandemic."
"Having a healthy Rainy-Day Fund is one of the best ways to allow our State to respond to economic downturns while still being able to provide vital public services," said Treasurer Zach Conine. "Even in challenging economic times, Nevadans can rest assured that we are doing everything we can to make sure our State government is in the best financial position possible."
According to the news release, the Treasurer's Office says that its total revenue collections are currently "trending higher than the Economic Forum projections" for the state. Additionally, the office says it continues to see record investment returns and maintains a high credit rating, which is the highest in state history.
The release continues, "The historic balance of the Rainy-Day Fund is just one key economic indicator of the State's solid financial outlook going into 2024."
