Gov. Perdue Secures Rainy Day Fund for Cash Flow Management
Portion of Fund to State Health Plan
Gov. Perdue announced today in connection with North Carolina's increasing unemployment rate and declining national economic climate that she has seized the corpus of North Carolina's Rainy Day Fund as a precautionary measure to further manage the state's cash flow and budgetary requirements.
"The sharp rise in unemployment combined with a significant decrease in state revenue has required me to take certain steps to responsibly manage the state's cash flow," said Perdue. "Securing the rainy day fund is necessary for the continuance of day-to-day government operations. Put simply, this move makes sure we will have the cash to pay the bills."
The state's Rainy Day Fund totals approximately $787 million. Of that, Gov. Perdue will use $250 million to stabilize the State Health Plan for state employees. When necessary, the remaining funds are being used to manage cash flow.