Nevada’s Rainy-Day Fund is at $340 million, approximately 85% of its pre-pandemic level. | Pixabay
Nevada’s Rainy-Day Fund is at $340 million, approximately 85% of its pre-pandemic level. | Pixabay
Nevada is ready for a rainy day.
The state's cash reserve fund is now at $340 million, representing 85% of its amount before the COVID-19 pandemic, the state said.
“Thanks to the commitment of Gov. (Steve) Sisolak, the legislature and my office, Nevadans can rest assured that the state’s financial situation is strong as we recover from the impacts of the pandemic,” Treasurer Zach Conine said in a release from the governor.
The rainy day fund protects the state during financial emergencies and also lowers borrowing costs when inflation and interest rates are increasing, Conine said.
The fund reached an all-time high just before the pandemic at $401 million, the release said.
"In May 2020, the entire balance of the Rainy-Day Fund was transferred to the State General Fund to avoid more significant budget cuts in response to the economic effects of the pandemic," the release said.
“In 2020, the Legislature had to make tough choices to keep Nevada on solid financial ground to recover from the pandemic as strongly as possible,” state Sen. Chris Brooks (D-Las Vegas), chair of the Interim Finance Committee, said in the release. “It’s because of those decisions that our state is now on pace to have one of our best years yet, as we do everything possible to put thousands of people back to work.”
Total state revenue collections are higher than projected and Nevada has the highest credit rating in its history, the release said.
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