State's rainy day account rebounds


Nov 14 2018

By Christian Wade, Gloucester Daily Times

"We have made tremendous progress, but we really need to have a bigger cushion," said Eileen McAnneny, president of the nonpartisan Massachusetts Taxpayers Foundation. The rainy day fund’s balance compared to the state's $41 billion operating budget — the most common metric of a reserve fund’s health — is about 4.9 percent, she said. It was about 7.7 percent in the fiscal year before the recession. "We clearly still have a way to go," McAnneny said. "The credit ratings agencies would prefer that we be closer to 10 percent."
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