State And Regional

‘We are growing the Ohio economy;’ Gov DeWine announces largest ‘rainy day’ fund in state history

COLUMBUS — Governor Mike DeWine and Lt. Governor Jon Husted announced Tuesday the state’s ‘rainy day’ fund was the highest in state history, according to the governor’s spokesperson.

>>RELATED: Governor DeWine sworn in for 2nd term as Ohio governor in Columbus

The Ohio Office of Budget and Management transferred $727 million into the Ohio Budget Stabilization Fund bringing the cash balance to nearly $3.5 billion.

“We are delivering on our promises to Ohioans with conservative management and sound budgeting,” said Governor DeWine. “Businesses and investors can be assured that Ohio’s finances are in order, and we are planning for the long term. Filling up our rainy day fund is another way that we are showing strong results for our citizens.”

Lt. Gov. Husted added balancing budgets and “saving for rainy day are foundation elements of running a responsible government.”

“We are growing the Ohio economy,” he said. “As a result of that growth, we have been able to fund state government, cut taxes and balance the budget.”

Two prominent credit rating agencies have given Ohio high marks, the governor’s spokesperson said.

Fitch ratings increased Ohio’s long-term Issuer Default Rating to “AAA” and Moody’s Investors Service elevate is outlook to “Positive” on Ohio’s “Aa1″ Issuer rating.