COLUMBUS, Ohio (AP) — The state budget office says it has deposited $29.5 million in Ohio’s rainy-day fund, taking its total to more than $2 billion.
Office of Budget and Management Director Tim Keen said he authorized the addition on Wednesday after the state ended the fiscal year on June 30 with a stronger than anticipated balance.
It’s the fifth deposit into the fund in six years. The fund now stands at $2.034 billion.
Keen attributed the fiscal year’s strong finish to spending that came in below projections.
A legislative change last year allowed the fund’s balance to reach 8.5 percent of the preceding fiscal year’s general revenues. Keen said the account now holds 6 percent, after Wednesday’s deposit.