Ohio's Rainy Day Fund Jumps to $2.7 Billion, Democrats Criticize Budget Cuts
The state has deposited more than $650 million dollars into the rainy day fund. Despite being a large pot of money, Gov. John Kasich is warning state leaders to leave it alone.
Focusing on adding money to the budget stabilization fund, has been a main priority for Kasich since taking office.
Now the state has just under $2.7 billion in its reserve.
Kasich urges that this money is only to help cushion the fall from an economic downturn.
“You know how many times politicians wanted us to spend this? This $2.7 billion, do you know how many times they would go ‘oh give me more money!’ ok? That’s what…I’m not going to be weighing in on this but that’s what I worry about in the future,” says Kasich.
Democratic lawmakers fired back saying Kasich was able to feed the rainy day fund by making large budget cuts to education and local governments.
For anyone paying attention over the last 7 years, #Ohio schools were cut by almost $1 billion, local communities by $2 billion. What's the Rainy Day Fund balance again? Oh yeah...exactly that. That's not governing, it's passing the buck. Check your local levies!— Ohio House Dems (@OHHouseDems) July 11, 2018
Republican Mayor Lydia Mihalik of Findlay makes a similar argument, she says through Twitter.
"We can celebrate the fact that we’ve shown fiscal restraint, but let’s do it without the rhetoric. The fact is that local governments and school districts have had to make major adjustments. Quality education and service to our constituents requires an investment."
Kasich says Ohio is ready the next time it experiences a sluggish economy.