State Question 757 would increase the amount of money that can be deposited in the state's savings account. Voters will decide the measure Nov. 2.
NewsOK
BY MICHAEL MCNUTT
Published: September 26, 2010
A measure on the Nov. 2 general election ballot would allow the state to build up more savings.
The Oklahoma Constitution limits the Rainy Day Fund to 10 percent of the previous year's certified general revenue receipts. Passage of State Question 757 would increase the cap to 15 percent.
The fund, officially known as the Constitutional Reserve Fund, receives a deposit when state tax collections exceed 100 percent of the estimate of available revenues. Any money over the current 10 percent cap is considered excess funds, which legislators are allowed to spend.
SQ 757 is the result of Senate Joint Resolution 51 passing both the Senate and House of Representatives this year. The measure enjoyed widespread Democratic and Republican support — it passed 91-8 in the House and 46-0 in the Senate... FULL ARTICLE
Posted on
Sun, September 26, 2010
by Crystal Drwenski