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8:49 am
Tue July 12, 2011

Making a Deposit for a Rainy Day

Oklahoma City, OK – $219 million going into Oklahoma's reserve fund

OKLAHOMA CITY (AP) State finance officials say they will make a $219 million deposit into the constitutional Rainy Day reserve fund thanks to strong revenue collections in the just completed 2011 fiscal year.

The balance of the state's savings account stands at a mere $2.03 after reaching a record of $596.6 million. The money was tapped by state lawmakers as they worked to close budget shortfalls caused by declining tax revenue during the recession.

Office of State Finance Director Preston Doerflinger said Monday officials can start replenishing the Rainy Day fund thanks to strong revenue collections in the fiscal year that ended June 30. It will be the biggest deposit since 2005.

Doerflinger says June revenue collections beat the official state estimate and last year's receipts, led by income, sales and energy taxes.