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  • Frequently Asked Questions Regarding the State's Finances
    The following questions provide an easily understandable overview of Michigan's finances. To find the answer to a particular question, click on it. Where appropriate, answers may include links to additional, more detailed information. We are interested in hearing your thoughts or suggestions regarding the questions and answers. Use this link to submit comments.
FAQ
  State Finances
What is the Rainy Day Fund and how much does the state have in the fund?
 
Answer:
 The Counter Cyclical Budget and Economic Stabilization Fund, commonly referred to as the Budget Stabilization Fund or the "Rainy Day Fund," was created in 1977 to serve as Michigan's "savings" account and to assist in stabilizing revenues during periods of economic recession. The fund provides a safeguard to protect critical programs for Michigan's citizens when the state experiences an economic downturn. The fund is accounted for as a subfund of the General Fund.

The Rainy Day Fund had a balance of $505.6 million as of September 30, 2013. Below is a 10-year history of balances in the Rainy Day Fund:

Budget Stabilization Fund FY 13