The rainy day fund reflects a commitment to planning for Virginia’s future, so that the Commonwealth can continue to weather economic hardships such as those we are experiencing with the current pandemic.
When I created this fund, I wanted to ensure that Virginia would never go broke and no governor would be faced with the dire financial crisis with which I was presented.
As a newly elected Governor, I realized that the only way to represent the interests of all Virginians was to build a reserve fund, focus on the necessities, and make leadership decisions reflecting those interests despite the opposition.
Recently, the PA Times published an article about the origins of the rainy day fund and the hard work that it took to ensure that Virginians would be provided for in the early 1990’s and well into the future. You can read that article, here.