Missouri's Budget Reserve Fund
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The value of what has been called a “rainy day fund” was made obvious by several years of minimal revenue growth in the early 1980s. Without a reserve of this kind, the State had no sources of funds to help to cover shortfalls in fiscal years with less than anticipated revenues. In addition, the State did not have a way to meet uncontrollable increases in the cost of services such as Medicaid. The Budget Stabilization Fund and the Cash Operating Reserve Fund were both created in the 1980s to help the State maintain public programs in an era of fiscal stress.
Valentine, D. (Nov, 2004; revised Nov, 2006).Missouri's Budget Reserve Fund. [Report 60-2004] Retrieved [Month Day, Year], from University of Missouri System, Missouri Legislative Academy Web site: http://www.truman.missouri.edu/ipp/mla/publications/publications.htm