The full Oklahoma Senate signed off on a plan Friday to give the State Board of Education $60 million from the Rainy Day Fund.
Sen. Kay Floyd asked Sen. Kim David whether there’s a problem with that plan.
"Do we have $60 million in the Rainy Day Fund right now?" Floyd said.
"By the time that this appropriation is made, the money will be in the Rainy Day Fund," David said.
"Do we know how much is in the Rainy Day Fund right now?" Floyd said.
"Currently, there is no money in the Rainy Day Fund at this time, but we are not making the appropriation today," David said.
If passed, Senate Bill 842 would be effective June 15, so the appropriation would be made on or after that date. The money would go to the Ad Valorem Reimbursement Fund, which is used to pay back districts and coutnies losing property tax revenue because of state-granted exemptions.
Supporters of the transfer say finance officials assure them the money will be there when it’s needed this summer. Rep. Jason Dunnington isn’t so sure.
"Again, one more time, we should just trust and think that, that money will actually be there? Or should we not put a contingency plan in place because history has shown us that their thoughts or their beliefs have been wrong?" Dunnington said Thursday in a House Joint Committee on Appropriations and Budget Committee meeting.
In order to fully fund the Ad Valorem Reimbursement Fund, lawmakers actually need to find around $72 million. Though one hasn’t been presented yet, Rep. Earl Sears said the additional money is in Republican lawmakers’ budget.
"But to tell you that we're taking it from A or B or C, I can't do that today. But I can assure you it will be in our budget," Sears said.
