Rainy Day Funds Show States Are More Vulnerable to Next DownturnBy
Median reserves of expenses among states slipping in 2017
Lack of budgetary cushion in past recession heightened woes
More states are failing to sock away cash for the next rainy day.
The number without budget reserves has doubled to four from last year, according to data from the National Association of State Budget Officers. And discipline in building up cushions has slipped, with the median balance 4.9 percent of expenditures in fiscal 2017, down from 5.1 percent, Bank of America Merrill Lynch analysts said in a note to clients…
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