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Henry wants 'rainy day' fund enlarged to offset future shortfalls

Henry wants 'rainy day' fund enlarged to offset future shortfalls

Tulsa World

By BARBARA HOBEROCK World Capitol Bureau

Published: 1/26/2010 2:27 AM
Last Modified: 1/26/2010 4:25 AM

OKLAHOMA CITY — Gov. Brad Henry on Tuesday is expected to announce efforts to increase the limit on the state's "rainy day" fund.

His announcement comes days before the beginning of a legislative session that will be marred by a budget shortfall.

Henry is expected to propose raising the account's constitutional limit to 15 percent from 10 percent of general revenue receipts so that Oklahoma will have a larger reserve fund to fall back on in times of fiscal crisis.

He made the same proposal in 2006, but lawmakers rejected it.

Had the Legislature and voters approved the measure in 2006, Oklahoma would have nearly $900 million in the fund. Its current amount is about $600 million... FULL ARTICLE

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