• Size: $232.6m 2. Annual Surplus is approx.
• $291m from 2023
• $126m from 2024 3. Retirement System
• $12.2B FY2024 | | Arizona | SB1025 | 27th Jan 2025 | Senate | State Treasurer, State Retirement System and Public Safety Personnel Retirement System | $72.25B | 10% | $7.22B | 1. State Retirement System - Size: $49B as of FY2022 2. State Treasurer Fund - Size: **$**2.45B as of FY2024 3. Public Safety Personnel Retirement System - Size $21.8B FY2024 | | Texas | SB778 | 14th Jan 2025 | Committee | Donations, unencumbered and unexpended balance of General Revenue fund | $11.87B | 1% | $118m | 1. Unencumbered Balance of General Revenue Fund
• Size: $5.7B ****from 2022/23 Biennium, another half $5.7B was transferred to Rainy Day Fund ****- Size: [$6.17B](file:///C:/Users/mutat/Downloads/bre-2024-2025.pdf) from 2024/25 Biennium, taking conservative half from this Biennium | | Utah | HB230 | 7th Feb 2025 | Senate | State Disaster Recovery Restricted Account, General Fund Budget Reserve Account, Income tax Fund Budget Reserve Account and Medicaid Growth Reduction and Budget Stabilization Account | $1.9B | 5% | $95m | 1. State Disaster Recovery Restricted Account
• Size: Approximately $50 million FY2023 2. General Fund Budget Reserve Account
• Size: $762 million as of FY2025 3. Income Tax Fund Budget Reserve Account
• Size: $1.03 billion as of FY2025 4. Medicaid Growth Reduction and Budget Stabilization Account
• Size: $100 million FY2023 | | Florida | SB550 | 7th Feb 2025 | Committee | General Revenue Fund, Budget Stabilization Fund, Retirement System (1%), | $250B | 10% | $7.28B | 1. General Revenue Fund
• Size: $48B as of FY2024 2. Budget Stabilization Fund
• Size: $4.44B FY2024 3. Retirement System Fund (1%)
• Size: $204.5B FY2024 | | Kentucky | HB376 | 6th Feb 2025 | Committee | Kentucky Retirement Systems, Kentucky State Treasury, other funds under KSIC | $29.1B | 10% | $2.91B | 1. Budget Reserve Trust Fund (Rainy Day Fund)
• Size: $5.2 billion FY2024 2. Kentucky Retirement Systems (now Kentucky Public Pensions Authority - KPPA)
• Size: $23.9 billion FY2023 *no details on KSIC | | Massachusetts | SG422 | 13th Jan 2025 | Introduced | Commonwealth Stabilization Fund (Rainy Day Fund) | $8.83B | 10% | $883m | 1. Commonwealth Stabilization Fund
• Size: $8.83B | | Oklahoma | HB1203 | 15th Jan 2025 | Committee | General Fund, Revenue Stabilization Fund, Constitutional Reserve Fund | $15.7B | 10% | $1.57B | 1. Revenue Stabilization Fund
• Size: $663m FY2024 2. Constitutional Reserve Fund
• Size: $1.3B FY2024 3. General Fund
• Size: $15.7B FY2024 *Treasurer’s investment should already include Revenue Stabilization Fund and Reserve Fund, taking $15.7B as the conservative estimate | | Pennsylvania | HB2664 | 19th Nov 2024 | Committee | State General Fund, Rainy Day Fund, and the State Investment Fund | $44.25B | 10% | $4.4B | 1. General Fund
• Size: $9.46B FY2024 2. Investment Pools
• Size: $34.79B FY2024 Rainy Day Fund is included in Investments Pools. | | South Dakota | HB1202 | 30th Jan 2025 | Committee | Available State Funds | $16.6B | 10% | $1.66B | 1. State Funds
• Size: $16.6B FY2024, excluding Cash Flow Fund | | Iowa | HF246 | 6th Feb 2025 | Committee | General Fund, Cash Reserve Fund, Economic Emergency Fund | $4.686B | 5% | $234m | 1. Cash Reserve Fund
• Size: $721m FY2024 2. Economic Emergency Fund
• Size: $265m FY2024 3. General Fund (Surplus)
• Size: $1.8B FY 2023, $1.9B FY2022 | | Missouri | HB1217. SB614 | 6th Feb 2025 | Introduced | State payments, gifts, grants donations, and State Funds | $18B | 10% | $1.8B | 1. State Funds - Size: $18B FY2024 Took current portfolio as investable State Fund amount | | Maryland | HB1389 | 7th Feb 2025 | Introduced | Money seized and forfeited for gambling violations, State funds | $2.34B | Unspecified, take 5% | $117m | 1. Rainy Day Fund
• Size: $2.34B FY2024 | | New Mexico | SB275 | 4th Feb 2025 | Committee | Taxes, fees, Land Grant Permanent Fund, Severance tax Permanent Fund, Tobacco Settlement Permanent Fund, any other State Fund deemed appropriate. | $58.36B | 5% | $2.92B | 1. Land Grant Permanent Fund
• Size: $31.2B FY2024 2. Severance Tax Permanent Fund
• Size: $9.7B FY2024 3. Tobacco Settlement Permanent Fund
• Size: $365m FY2024 4. Retirement Fund (cause its appropriate)
• Size: $17.1B FY2024 | | North Carolina | HB92 | 12th Feb 2025 | Introduced | General Fund, Highway Fund, Highway Trust Fund, Retirement Funds and other Special Funds | $133B | 10% | $13.3B | 1. Retirement Fund
• Size: $127B FY2024 2. Highway Fund
• Size: $475m FY2024 3. Highway Trust Fund
• Size: $1.1B FY2022 4. Rainy Day Fund
• Size: $4.75B FY2024 | | Montana | HB429 | 8th Feb 2025 | Introduced | General Fund ($50m initial budget) | $28B | na | $50m | 1. Bill capped investments at $50m https://www.marketsgroup.org/news/Montana-Investment-Board-unveils-$332m-in-new-commitments | | Ohio | SB57, HB703 | 23rd Jan 2025 | Committee | State Payments (for taxes, fees, etc.), Surplus, gifts, grants and donations | na | na | na | | | Illinois | HB1844 | 29th Jan 2025 | Committee | Gifts, grants and donations | na | na | na | | | North Dakota | HCR3001 | 11th Jan 2025 | Committee | Not mentioned | na | na | na | | | Wyoming | HB201 | 17th Jan 2025 | Failed | General Fund, Mineral Trust Fund, Permanent Land Fund | $17.5B | 3% | na | 1. Combined budget reserve account (BRA), legislative stabilization reserve account, general fund, and school foundation program balances
• Size: $2.5B FY2024 2. Permanent Mineral Trust Fund (PMTF)
• Size: $10.1B FY2024 3. Permanent Land Fund (CSPLF)
• Size: $4.9B FY2024 | | | | | | | | Total | $45.83B | |

Compiled by EP from Digital Finance Group

*The numbers presented in this table are based on conservative estimates and are for informational purposes only. *The data presented here is limited to available information at the time of publication. Not all state funds or reserves may be accounted for, and the numbers are subject to revisions as new data becomes available.