The state operating budget bill is entering its homestretch. Of course, there are many unresolved issues between the versions of the bill that were introduced by the Kasich Administration and then passed by both the Ohio House of Representatives and the Senate. One of the big ones is what to do with any revenue that comes in ahead of projections.

Already liberals in the Ohio House are making an expansive call for something straight out of the New Deal, with a major $400 million "public works" bill. While everyone lauds the idea of creating jobs as quickly as possible, there are a myriad of arguments against such Keynesian "pump priming." Beyond those, there is another equally valid argument against spending any additional resources: uncertainty.

To that end, recent reports that conservative leaders are looking at replenishing the largely depleted state "Rainy Day Fund" are very positive.

The "Rainy Day Fund", technically called the Budget Stabilization Fund, is an important piece of security for Ohio's ability to meet its obligations in tough economic times. It was created by the legislature in 1981 in order to help the state have extra resources at its disposal during times of economic downturns. This would avoid (or at least postpone) the need for draconian cuts to services and/or exorbitant tax hikes at a time when both people and businesses would already be suffering from an economic contraction.

According to the statute (ORC 131.43), the fund aims to maintain 5 percent of the general revenue funds from the preceding fiscal year. Unfortunately, as Ohio has struggled over the last decade, the fund has been drained of practically all its resources.

The Senate Finance Chair, Sen. Chris Widener (R- Springfield) outlined on the floor of the Senate just how much is left,

"I used to be able to say 89 cents... but it's a little over a dollar we have in the state's savings account."

The key thing to remember here is that there are no guarantees that the economy won't nosedive again. No one wants that to happen, obviously. Yet, we can't forget that national economic numbers have not been overly positive in recent weeks and there remains a great deal of instability in other parts of the world which could have dramatic and unforeseen effects. Consequently, Ohio would be well advised to give itself more cushioning that it currently has.

After all, when it rains, it often times pours. It's much better to have an umbrella on hand than to stand by and get soaked.