There鈥檚 been . A national group has studied the impact of using rainy day funds in budget crises.
Ohio鈥檚 tax collections are $773 million below estimates for this fiscal year. looked into what might happen to a state鈥檚 credit rating when revenues are short. Jonathan Moody with Pew said , there was not only no credit rating hit, but the chances of a downgrade decreased.
鈥淟awmakers shouldn鈥檛 be afraid to tap their reserves during a period of downturn if that鈥檚 what the reserve is for, and as long as they鈥檙e taking the other steps that they should to try to mitigate the effects of a downturn,鈥� he said.
Moody says those steps vary, but likely would include spending cuts or tax increases.
