Oklahoma gets $21M boost to state's Rainy Day Fund

Published: August 22, 2012
Advertisement
;

OKLAHOMA CITY (AP) — Oklahoma's constitutional Rainy Day Fund is getting an unexpected boost of about $21 million.

State finance officials announced Wednesday the additional revenue is from leftover funds from various state agencies after a reconciliation of their books following the fiscal year that ended June 30.

Secretary of Finance Preston Doerflinger says the additional revenue boosts the total amount of the constitutional reserve fund to $577.5 million, close to the pre-recession record level of $596 million.

Revenue in the fund can only be accessed when state collections fail to meet projected budgets and a revenue failure is declared, or if the governor and two-thirds of both legislative houses declare an emergency.

Oklahoma voters in 2010 approved a constitutional amendment to increase the amount of surplus revenue that goes into the fund.