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Kansas closes FY22 with $969 million in Rainy Day Fund

KCTV Kansas City logo KCTV Kansas City 7/5/2022 Sarah Motter
FILE - Kansas State House © Provided by KCTV Kansas City FILE - Kansas State House

TOPEKA, Kan. (WIBW) - The Sunflower State has closed the Fiscal Year 2022 with $969 million in saved up for a rainy day.

On Tuesday, July 5, Kansas Governor Laura Kelly says the state has closed out the Fiscal Year 2022 with a Rainy Day Fund balance of $969 million and with no certificate of indebtedness.

Gov. Kelly said FY22 marks the first in more than 20 years that the Kansas State Finance Council did not have to vote to take out a short-term loan to cover the state’s day-to-day expenses.

At the start of her administration, Kelly said there were no savings in the Rainy Day Fund and the state ranked last when it came to saving for the future. Earlier in 2022, she said she signed a budget which made a historic $500 million deposit in the Fund and an Omnibus bill that held another $250 million Fund deposit.

Before the fiscal year closed, the Governor said $219 million more had been transferred from the State General Fund. She said the last deposit was made because revenues continued to soar above estimates which left the Sunflower State with higher levels of cash than anticipated.

“When I first came into office, Kansas had no savings, and in fact, was going into debt every year. My Administration worked to put Kansas on a consistent path of fiscal stability and economic growth,” Kelly said. “That work has paid off. This past fiscal year, we were able to save for the future in record numbers, fully fund K-12 education, make historic investments in law enforcement and higher education, and axe taxes – all without going into debt.”

Kelly noted that the state’s Rainy Day Fund was created in 2017 when the Kansas Legislature ended the Brownback-era tax experiment which gutted state budgets and downgraded the state’s credit rating. She said the previous record high balance in the fund was $81.9 million.

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