Missouri’s Auditor says the state needs to do a better job of preparing for a rainy day. Nicole Galloway says we’re not saving enough money in the event of a recession. The state constitution limits the amount of money that can be placed into the budget reserve fund to 7.5% of net general revenue. This year that amounts to $642 million. Galloway claims that if a recession hits, that won’t be enough to avoid either cutting spending or raising taxes. With special legislative approval, the rainy day fund can go as high as 10% of revenue. Galloway wants the legislature to find a way to save even more than that. She cites a study by Moody’s Analytics that shows the state needs to save $1.3 billion for a moderate recession and as much as $2 billion for a severe recession.