, which was approved unanimously by the Senate last week and approved by the House this week, authorizes the deposit by clarifying the definition of"surplus" in the law governing the Rainy Day Fund.
Garrity added that the $893.3 million deposit will be made within one business day after the Treasury receives a requisition from the Governor's Office of the Budget. The Rainy Day Fund, formally known as the Budget Stabilization Reserve Fund, provides a fiscal safety net for possible economic downturns to help prevent tax hikes and cuts to discretionary programs.
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