Oklahoma expected to deposit $370M in Rainy Day Fund
OKLAHOMA CITY (AP) — Officials say Oklahoma expects to deposit a record $370 million in its fund created to protect the state during economic downturns.
The Tulsa World reports that the state is expected to announce the actual deposit amount for the Rainy Day Fund in August.
Office of Management and Enterprise Services spokeswoman Shelley Zumwalt says the state hasn’t made a deposit to the fund in the last four fiscal years. Oklahoma deposited a record $326 million into the fund in fiscal 2012.
The Rainy Day Fund was created in 1985 for an emergency, to make up for a shortfall in fiscal year collections and to make up revenue if next year’s general revenue fund collections are forecast to be less than the current year. Zumwalt says the fund currently has about $70 million.
Information from: Tulsa World, http://www.tulsaworld.com