Florida has 45-day cash reserves in “rainy day fund,” new report shows

rainy day fund (Large)

The Sunshine State has enough money in its rainy day fund to keep the state government running for 45 days, according to a report released by the Pew Charitable Trusts Monday.

Florida’s reserves would cover more days than 36 other states, and beats the 50 state median by more than two weeks. The numbers give Florida more longevity than fellow large states New York and California, but they pale in comparison to Texas, which had the fifth-best measured at 119 days.

Overall, Alaska beat all states with 447 days’ worth of cash tucked away, followed by Wyoming, North Dakota and Nebraska. At the bottom, Pennsylvania has about two hours’ worth of reserves and Arkansas has none.

After tucking away $1 billion in the 2012 and 2013 fiscal years, Florida’s reserves have held steady at about $3.5 billion. Nominally that figure was the fourth best among the states, behind only Texas, Alaska, New York and California.

Though 18 states, including Texas and New York, have more in their reserves than before the recession, but Florida isn’t even close.

Back in 2006, the state held $6.1 billion in reserves, which would have lasted 85 days. In the same year, Texas had 80 days worth of reserves and New York had 25 days.

Drew Wilson

Drew Wilson is Vice President of Florida Politics, where he helps lead a talented team that produces must-read newsletters including Sunburn, Takeaways from Tallahassee, and Diagnosis. A University of Florida alumnus, he began his career at The Independent Florida Alligator — the nation’s largest student-run newspaper and a training ground for many of Florida’s top political reporters. He later served as a business correspondent for The Hollywood Reporter, then returned to Tallahassee to cover the state economy and Legislature for LobbyTools and The Florida Current, before segueing to Florida Politics, where he’s been for more than a decade. He spends too much time workshopping zingers for Capitol Directions — and not enough time outdoors.



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