Pennsylvania State Treasurer Stacy Garrity announced Thursday that $2.1 billion was deposited into Pennsylvania's Rainy Day Fund, previously known as the Budget Stabilization Reserve Fund.

The transfer was made official Wednesday and is authorized as part of Pennsylvania's budget for the 2022-23 fiscal year, according to a press release of the event.

“Our state reserves are the strongest they’ve been in decades,” Garrity said. “Thanks to this deposit, the Rainy Day Fund is approaching $5 billion, positioning Pennsylvania to be able to weather a future economic downturn. Everyone knows that a fiscal cliff is looming, so saving as much as possible in the Rainy Day Fund is the right thing to do. I applaud the General Assembly and Governor Wolf for prioritizing our state’s future.”

The purpose of the Rainy Day Fund is to cushion the pressure of raising taxes or cutting program spending while the economy is down.

The Rainy Day Fund is currently sitting at $4.979 billion.