Idaho’s savings account ranks among the top states nationwide

rainy-day-fund

A new survey says Idaho is one of the states best prepared to weather a hit to its economy.

In June 2017, state officials estimate they had enough cash socked away in a rainy day account to fully fund the government for more than 40 days. That ranks Idaho 6th in the nation, according to the Pew Charitable Trusts. The group’s new survey looks at how long each state can pay for services without any new money coming in.

Pew researchers say a lot of states, including Idaho, have begun saving more and more since the economy tanked 10 years ago. Idaho built up its reserves before the recession hit, and spent that money during the lean years when the crisis brought down financial markets worldwide. Since then, state lawmakers have set aside $413 million through June 2017.

Analysts say saving too much money can come with its own problems, however, such as underfunding education or social services.

On the top end of the survey, Alaska and Wyoming can both operate for more than a year on their reserves alone.

Five states – including Montana – didn’t have enough cash for government offices to stay open for even one day. (Boise State Public Radio News)

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