Lake County Gazette

Illinois' rainy-day fund would barely cover any of its annual general fund expenditures, according to a new study from the Tax Foundation. 

The fund is meant to cover expenses when there's a downturn in the economy -- like the state is experiencing now -- and currently the state has the equivalent of approximately $4 million in its rainy-day fund, which is mean to cover a $40 billion fiscal year budget, according to the foundation. 

That puts it at the bottom of a comparison of all states' rainy day funds. 

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What’s the Status of Your State’s Rainy-Day Fund?

Rank	State	Rainy-Day Balance as % of General Fund Spending
1	Wyoming	109.0%
2	Alaska	52.6%
3	North Dakota	30.0%
4	New Mexico	26.8%
5	West Virginia	16.9%
6	Connecticut	15.3%
7	Vermont	13.7%
8	Oregon	13.5%
9	California	13.0%
10	Texas	12.9%
11	Oklahoma	11.5%
12	South Dakota	11.1%
13	Michigan	11.0%
13	Nebraska	11.0%
15	Georgia	10.6%
16	Minnesota	10.4%
17	Iowa	10.3%
18	Alabama	10.1%
19	Utah	9.9%
20	Idaho	9.5%
20	Massachusetts	9.5%
22	Nevada	8.9%
23	Arizona	8.8%
24	Indiana	8.6%
25	Mississippi	8.1%
26	Washington	8.0%
27	Colorado	7.9%
28	Maine	7.8%
29	Ohio	7.7%
30	New Hampshire	7.4%
31	Tennessee	7.0%
32	South Carolina	6.6%
33	Missouri	6.3%
34	Maryland	6.2%
35	Virginia	6.0%
36	Delaware	5.4%
37	North Carolina	5.3%
38	Rhode Island	5.2%
39	Hawaii	4.8%
40	Florida	4.6%
40	Montana	4.6%
42	Louisiana	4.4%
43	Wisconsin	3.6%
44	New York	3.2%
45	Arkansas	2.7%
46	Kentucky	2.6%
47	New Jersey	1.0%
47	Pennsylvania	1.0%
49	Illinois	0.0%
49	Kansas	0.0%

Source: Tax Foundation

Note: The percentages for Michigan, North Carolina, Oklahoma and Wisconsin are from 2019, while the Georgia numbers come from 2018. The study’s calculations for the other states are based on 2020 data.