Rainy Day Deposit
Oklahoma City, OK – May revenue indicates big Rainy Day fund deposit
OKLAHOMA CITY (AP) The head of the Office of State Finance says healthy state revenue collections in May makes it likely that a big deposit will be made to the state's depleted constitutional Rainy Day reserve fund.
State Finance Director Preston Doerflinger said Monday general revenue fund collections last month show the state's economy is raising more revenue than expected.
The deposit will be made in July following the end of the fiscal year on June 30. The amount of the deposit won't be known until next month, but Doerflinger says it will be substantially higher than the $71.1 million forecast in February.
The state savings account currently contains only about $2 after having a record $596 million. The money was tapped to deal with budget shortfalls during the recession.
Copyright 2011 The Associated Press.