Ohio now has its largest “rainy day” fund ever.

The Ohio Office of Budget and Management transferred $727 million into the Ohio Budget Stabilization Fund, otherwise known as the “rainy day” fund, bringing the cash balance to nearly $3.5 billion.

This funding reserve represents the largest balance for the fund in state history.

The Ohio Budget Stabilization Fund is a reserve balance that is set aside during good economic times to protect the state budget from cyclical changes in revenues and expenses that may occur during poor economic times.