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What is the Rainy Day Fund and how much does the state have in the fund?
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 $1.6 billion as of September 30, 2022. Below is a 10-year history of balances in the Rainy Day Fund: