State to dip into Rainy Day Fund

STATEMENT FROM OPM SECRETARY BEN BARNES:

“As we hold down spending across state government, revenues are around $600 million lower than Democrats, Republicans, and non-partisan analysts projected when the fiscal year began. We’re facing a sustained period of slower-than-normal growth as we adjust to this new economic reality. OPM projects that the State will need to use the Rainy Day Fund to offset the revenue shortfall, leaving less than $100 million remaining. We are committed to making difficult choices to reduce spending throughout the end of this fiscal year and into the next.”