Kentucky Depositing Millions Into Rainy Day Fund

• {Kentucky}...After more than three years of budget deficits, Governor Steve Beshear says the state will deposit $121 million in its budget reserve trust fund, commonly called the "rainy day" fund. It is the largest one-time deposit into the Rainy Day fund as a result of an end-of-year surplus in state history. The state finished the last fiscal year, which ended June 30th, with a surplus of $156.8 million. About $35 million went to pay for emergencies such as storm cleanup in Western Kentucky and other necessary expenses that were not included in the two-year budget. The remaining money, about $121.8 million, will be deposited into the Rainy Day fund. Lawmakers have tapped out the fund during the past three years as the state's revenues plummeted and demand for services jumped.