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9:39 am
Mon November 16, 2009

Rainy Day Fund

Oklahoma City, OK –

OKLAHOMA CITY (AP) With Oklahoma facing budget cuts because of the economic downturn the governor and legislative leaders have different ideas on use of the state's Rainy Day Fund.

The budget is on a pace that would be about $1 billion short of estimates and state agencies have already been ordered to cut budgets by 5 percent.

The Rainy Day Fund has about $600 million in it and Gov. Brad Henry prefers using most of that money to get through this fiscal year.

But Republican legislative leaders want to hold off using most of that money. Senate President Pro Tem Glenn Coffee says larger cuts are needed than the 5 percent that's been ordered. And House Speaker Chris Benge says deeper cuts must be considered because there is no indication the economy is turning around.

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Information from: The Oklahoman, http://www.newsok.com