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Rainy day fund
, rainy day reserve
, or emergency fund
are terms used to describe a reserved amount of money to be used in times when regular income is disrupted or decreased in order for typical operations to continue. In the United States, the term is usually used to apply to the funds maintained by most U.S. States to help deal with budget shortfalls in years where revenues do not match expenditures. This is critical to the operations of most state governments which do not permit the government to take on debt, meaning that services would have to be cut in the absence of reserve funds. New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
state Comptroller Thomas DiNapoli
Thomas P. DiNapoli is the 54th Comptroller of the state of New York. He is a former state assemblyman in New York, who was appointed as New York State Comptroller on February 7, 2007. He was formerly the Chairman of the Assembly Environmental Conservation Committee. DiNapoli is a Democrat from...
recommended in March 2010 that the state require that one half of surplusses be deposited into the rainy day fund.