.

State Deposits $116 Million in Rainy Day Fund

Massachusetts has the third-largest reserve fund among U.S. states.

Thanks to low borrowing rates, Massachusetts was able to end the fiscal year with a $116 million surplus, the Patrick Administration announced this week.  

The money will be deposited into the Stabilization Fund, also known as the "rainy day" fund. 

"This is the third year in a row that the Rainy Day Fund balance has increased over the prior year’s closing balance as a result of the prudent fiscal policies and strong fiscal management by the Patrick-Murray Administration and the legislature," an administration press release read. 

This deposit brings the "rainy day" fund balance from $1.379 billion at the end of FY11 to $1.652. The only two states with a higher reserve fund balance are Alaska and Texas due to billions of dollars of oil tax revenues those states collect, according to the release. 

Massachusetts, however, is able to generate a surplus by savings from a low borrowing rate due to the state's high credit rating. 

Secretary of Administration and Finance Jay Gonzalez certified earlier this month that projected revenues continue to be sufficient to meet projected expenditures for 2013.

lilinlin November 09, 2012 at 07:58 AM
Although http://www.coachoutletonlineoe.com Coach Factory Outlet the http://www.louisvuittonbeltscp.com Louis Vuitton Belts at a http://www.coachfactoryoutlethn.org Coach Factory Store bureau 2 percent a decade earlier. And borrowers are putting their nest http://www.guccibeltsoutletds.net Gucci Belt eggs at risk by increasingly taking out http://www.coachfactoryonlinefn.net Coach Factory Online Store data and a recent e http://www.coachfactorystorecd.com Coach Factory Outlet National Reverse http://www.coachoutletb1.com Coach Factory Online officials http://www.coachoutlethcs.com Coach Outlet Online for on http://www.coachoutletonlinegc.com Coach Online Outlet the loanshttp://www.coachoutletuso.net Coach Factory Outlet Online in their homes http://www.coachbagsoutletel.com Coach Bags Outlet equity a http://www.coachoutletonlineef.org Coach Outlet Online line of credit. The loan doesn’t have to be repaid until the homeowner moves out or http://www.coachfactoryonlineen.com Coach Factory Online diesSome http://www.coachfactoryoutletion.com Coach Factory Outlet widowse http://www.hemesbelscq.com Hermes Belt off ther http://www.coachoutletmls.com Coach Factory Outlet Online husbands died.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »