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'Rainy day' fund gets legislators' attention on last day

'Rainy day' fund gets legislators' attention on last day

Tulsa World
By RANDY KREHBIEL World Staff Writer
Published: 5/29/2010 2:20 AM
Last Modified: 5/29/2010 6:08 AM

OKLAHOMA CITY
— On the last day of a legislative session dominated by short revenues and tight budgets, the Oklahoma House of Representatives thought about the state's next fiscal crisis.

The House on Friday followed the Senate's lead from earlier in the week, passing a proposed constitutional amendment to increase the amount of money that can go into the state's constitutional reserve fund.

The House also passed one of Speaker Chris Benge's pet projects, an energy-stabilization measure intended to smooth out the peaks and valleys in oil and gas severance tax revenues.

A year ago, the constitutional reserve — commonly called the "rainy day" fund — held nearly $600 million. Now it is essentially empty, spent or obligated through the next two budget years after the steepest general fund revenue decline since the Great Depression... FULL ARTICLE

 

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