CARSON CITY — Nevada State Treasurer Zach Conine announced that the balance of Nevada’s Rainy-Day Fund is now over $1.23 billion following transfers of $326 million from the State’s General Fund last week.
The Rainy-Day Fund is now at its highest balance in history, which represents an unprecedented period of responsible fiscal management coming out of the economic downturn caused by the COVID-19 pandemic.
“Having a healthy Rainy-Day Fund is one of the best ways to allow our State to respond to economic downturns while still being able to provide vital public services,” said Treasurer Zach Conine. “Even in challenging economic times, Nevadans can rest assured that we are doing everything we can to make sure our State government is in the best financial position possible.”
This historic balance of the Rainy-Day Fund is just one key economic indicator of the State’s solid financial outlook going into 2024.
Total revenue collections are currently trending higher than the Economic Forum projections, the Treasurer’s Office continues to earn record investment returns, and the State has maintained its high credit rating, the highest in Nevada history.
In May of 2020, the entire balance of the Rainy-Day Fund was transferred to the State General Fund in response to significant decreases in expected revenues during the pandemic. These funds were later replenished, and as of June 30, 2022, the balance of the Rainy-Day Fund was $904.15 million.
Pursuant to NRS 353.288, several transfers are required to be made from the State’s General Fund to the Account to Stabilize the Operation of State Government, commonly referred to as the Rainy-Day Fund.
These transfers include:
• 1% of the total anticipated revenue for each fiscal year as projected by the Economic Forum; and
• 40% of the unrestricted balance of the State’s General Fund that exceeds 7% of General Fund operating appropriations.
Additionally, Senate Bill 431 from the 82nd Legislative session revised NRS 353.288 to allow for the balance of the Rainy-Day Fund to equal up to 26 percent of the total appropriations from the State General Fund.
The current balance of the Rainy-Day Fund is $1,230,948,101.24
Recent statutory transfers include:
• An initial transfer of $269.6 million from the General Fund, which was made possible by Senate Bill 431 of the 82nd Legislative Session; and
• A second transfer of $57.25 million or 1% of the total anticipated revenue projected for Fiscal Year 2024 by the Economic Forum.