Arizona rainy day fund surpasses $1 billion for first time

Aug 8, 2019, 5:00 PM | Updated: Aug 9, 2019, 9:52 am

(AP Photo/Ross D. Franklin)...

(AP Photo/Ross D. Franklin)

(AP Photo/Ross D. Franklin)

PHOENIX — Following a sizable investment at the beginning of the fiscal year, Arizona’s rainy day fund has surpassed $1 billion for the first time in state history.

The fund sits at $1.014 billion following a $542 million investment, according to a press release from Arizona Gov. Doug Ducey’s office.

Ducey told KTAR News 92.3 FM on Thursday an increase in the fund would protect the state against a potential economic downturn similar to the one in 2008-09.

Arizona’s rainy day fund, officially known as the Budget Stabilization Fund, stood at about $458 million last year.

“We were not prepared for an economic downturn, so we wanted to change that,” Ducey said. “It puts us in a good position to weather a storm.”

The rainy day fund increase was part of Arizona’s $11.8 billion state budget, which was approved in late May.

Arizona Sen. Kate Brophy McGee told KTAR News 92.3 FM the state’s revenues have been outpacing their predictions “quite consistently,” which has helped feed the fund.

One-time cash, or cash that isn’t guaranteed to be ongoing revenue, has also boosted the fund this year, Brophy McGee said.

Ducey has said public education was one of his top priorities.

Infrastructure and public safety can also be covered by the rain day fund under specific conditions.

“The rainy day fund would hold us over to make necessary budget adjustments so that schools and agencies wouldn’t be so badly impacted,” Brophy McGee said.

KTAR News 92.3 FM’s Peter Samore contributed to this report.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

( photo)...

Damon Allred

Bipartisan Infrastructure Law to fund Yavapai County mine cleanup project

The Iron King Mine -- Humboldt Smelter Superfund site is set to receive $15 million in federal funding to support cleanup efforts.

34 minutes ago

Group photo of band players for Cigarettes After Sex...

SuElen Rivera

Cigarettes After Sex to stop in Valley this fall during world tour

American dream pop band Cigarettes After Sex announced a stop in the Valley this fall during their upcoming world tour.

2 hours ago

Smalls Sliders signed a deal with an operating partner to open 22 locations in the Phoenix area. (S...

Brandon Brown/Phoenix Business Journal

Drew Brees-backed Smalls Sliders looks to open 22 locations across the Phoenix metro

Smalls Sliders has signed its largest franchise agreement to date to bring more than 20 locations to the Phoenix metro.

3 hours ago

Follow @suelenrivera...

SuElen Rivera

City of Goodyear unveils state-of-the-art Fire Station 188

The city of Goodyear held a grand opening ceremony on Thursday for the addition of its latest fire station.

12 hours ago

(Facebook Photo/Tucson Police Department)...

Associated Press

Man already serving life sentence convicted of killing Tucson girl who vanished from parents’ home

A man already serving a life sentence was convicted Thursday of first-degree murder in the killing of another Tucson girl years earlier.

15 hours ago

A suspect who accidentally shot and killed a fellow IRS agent at a federal gun range in Phoenix was...

Danny Shapiro

Suspect indicted on manslaughter charge in death of fellow IRS agent in Phoenix

A suspect who accidentally shot and killed a fellow IRS agent at a federal gun range in Phoenix was indicted on a manslaughter charge, authorities announced Friday.

16 hours ago

Sponsored Articles


Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.


Fiesta Bowl Foundation

The 51st annual Vrbo Fiesta Bowl Parade is excitingly upon us

The 51st annual Vrbo Fiesta Bowl Parade presented by Lerner & Rowe is upon us! The attraction honors Arizona and the history of the game.

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

Arizona rainy day fund surpasses $1 billion for first time