Additional money put into Oklahoma's Rainy Day Fund

The Rainy Day Fund now contains $577.5 million, which is close to the all-time high attained a couple years ago. The money comes from extra funds found by state agencies when they reconciled their books for the 2012 fiscal year
BY MICHAEL MCNUTT mmcnutt@opubco.com Modified: August 22, 2012 at 9:31 pm •  Published: August 22, 2012
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Another $21.4 million has been deposited into the state's savings account, which just more than a year ago contained less than $3.

The money comes from state agencies reconciling their books at the end of the 2012 fiscal year, which ended June 30, and depositing the unspent funds into the state's general fund.

The additional deposit puts the surplus for the 2012 fiscal year at $328.3 million.

The Rainy Day Fund now totals $577.5 million.

In January 2010, the Rainy Day Fund had $596.6 million.

Most of it was used to deal with revenue shortfalls in the 2010 and 2011 fiscal years, one of the criteria for tapping into the fund.

By the start of the 2011 fiscal year on July 1, 2010, only about $2 remained in the Rainy Day Fund, which can be used only for emergency expenditures or for stabilizing the state's budget.

In January 2011, the fund had $2.03.

The state ended the 2011 fiscal year with a $249.2 million surplus, which was deposited last July in the Rainy Day Fund.

“This is good news and pushes us very close to the record $596.6 million in the Rainy Day Fund before it was drained to make ends meet during the recession,” said Preston Doerflinger, who serves as finance secretary on Gov. Mary Fallin's Cabinet. “As an optimist by nature, I am hopeful Oklahoma can continue the tremendous economic strides we have made the past two years. But history persuades me to expect that our rapid growth in revenue will level off at some point.”

The Rainy Day Fund, officially known as the Constitutional Reserve Fund, receives a deposit when state tax collections exceed 100 percent of the estimate of available revenue.

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