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.
Copyright
2012 The Associated Press. All rights reserved. This material may not
be published, broadcast, rewritten or redistributed.
