At $293 million, Nevada’s ‘rainy day’ fund richest in history
CARSON CITY, Nev. — After the state’s Jan. 3 deposit, Nevada’s rainy day fund is now at its highest level ever with more than $293 million.
The fund is designed to give the state a pad in cases of economic downturn.
“When I took office in January 2011, the state’s rainy day fund balance was zero,” said outgoing Gov. Brian Sandoval.
The balance is the result of Nevada’s economic growth and recovery, as well as diversification, Sandoval said.
Thursday’s deposit was $55 million, a sizable portion of which came from the marijuana tax.
Sandoval said projections put the reserve fund budget at roughly $326 million by the end of this fiscal year, June 30.
Reno-based design firm MBA Architecture and Design is assisting on the $47 million Caesars Entertainment project in downtown Reno.