Newspaper article THE JOURNAL RECORD

State Senate Passes Bill to Raise Cap on Rainy Day Fund

Newspaper article THE JOURNAL RECORD

State Senate Passes Bill to Raise Cap on Rainy Day Fund

Article excerpt

OKLAHOMA CITY - A measure advancing through the Legislature would significantly increase the cap on the rainy day fund, also known as the Constitutional Reserve Fund.

The total amount that can be left in the state's savings account is now limited to 15 percent of the prior year's General Revenue Fund certification. The measure's author, state Sen. David Holt, said it's an artificially small cap.

"Even if we wanted to, we couldn't put more than about $800 million in the rainy day fund," said Holt, R-Oklahoma City.

That's because the cap is based on the fiscal year 2017 budget certification of $5.8 billion, which is the amount lawmakers can appropriate. Holt's resolution would raise the cap to 15 percent of the prior year's total budget.

"The actual total state budget is in excess of $24 billion," he said.

Senate Joint Resolution 44 would have to be brought before a vote of the people in November because it is a constitutional amendment. …

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