Newspaper article THE JOURNAL RECORD

Rainy Day Fund Hike Proposed

Newspaper article THE JOURNAL RECORD

Rainy Day Fund Hike Proposed

Article excerpt

OKLAHOMA CITY - A lawmaker wants the state constitution amended so the state can increase the amount that can be placed in the Rainy Day Fund.

State Rep. Jon Echols said he intends to file legislation that would allow voters to amend the constitution to increase the cap - but not lower it - and allow the Legislature to appropriate directly to the fund.

The Rainy Day Fund, also known as the Constitutional Reserve Fund, serves as the state's savings account. The state constitution allows the Legislature to appropriate only 95 percent of the certified revenue estimate. Any revenue collected above 95 percent of the estimate is transferred to the Reserve Fund. In addition, the fund is capped at 15 percent of the previous year's certification level. …

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