Since the budget stabilization account (BSA, or rainy day fund) was established in 2007, the Legislature has transferred or appropriated funds from it in each biennium except 2011–13. Since 2013–15, the state has experienced “extraordinary revenue growth,” most of which is required to be saved in the rainy day fund. Instead, the Legislature has spent almost all of it. The balance in the account is now $1.182 billion; using these funds requires a supermajority vote (60 percent) from both chambers (with some exceptions).

Read the policy brief here.