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Florida has 45-day cash reserves in “rainy day fund,” new report shows

in Statewide/Top Headlines by

The Sunshine State has enough money in its rainy day fund to keep the state government running for 45 days, according to a report released by the Pew Charitable Trusts Monday.

Florida’s reserves would cover more days than 36 other states, and beats the 50 state median by more than two weeks. The numbers give Florida more longevity than fellow large states New York and California, but they pale in comparison to Texas, which had the fifth-best measured at 119 days.

Overall, Alaska beat all states with 447 days’ worth of cash tucked away, followed by Wyoming, North Dakota and Nebraska. At the bottom, Pennsylvania has about two hours’ worth of reserves and Arkansas has none.

After tucking away $1 billion in the 2012 and 2013 fiscal years, Florida’s reserves have held steady at about $3.5 billion. Nominally that figure was the fourth best among the states, behind only Texas, Alaska, New York and California.

Though 18 states, including Texas and New York, have more in their reserves than before the recession, but Florida isn’t even close.

Back in 2006, the state held $6.1 billion in reserves, which would have lasted 85 days. In the same year, Texas had 80 days worth of reserves and New York had 25 days.

Drew Wilson covers legislative campaigns and fundraising for SaintPetersBlog and FloridaPolitics.com. While at the University of Florida, Wilson was an editor at The Independent Florida Alligator and after graduation, he moved to Los Angeles to cover business deals for The Hollywood Reporter. Before joining Extensive Enterprises, Wilson covered the state economy and Legislature for LobbyTools.

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