The Bureau announces the release of report 19-7, Unemployment Reserve Fund.
We provided an unmodified opinion on the Fund’s financial statements for FY 2017-18 and FY 2016-17. The Fund’s net position was $1.8 billion as of June 30, 2018, which was an increase of $549.5 million since June 30, 2016. The net position of the Fund continues to increase because employer taxes and other revenues continue to exceed benefit payments and transfers. Based on the cash balance of the Fund as of June 30, 2018, employers continue to pay the lowest state unemployment tax rate schedule in calendar year 2019.
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