Lawmakers Say State's Rainy Day Fund Should Go To Schools

Oklahoma Democrats want the state to drain part of the Rainy Day fund to support schools.

Rep. Mike Brown, D-Tahlequah, said the state just dumped $3 million into the fund, and that money could plug holes in school budgets across the state.

It could also help compensate for tax revenue lost through the elimination of the intangible property tax.

"It's great that it seems that the new tax exemption with the passage of SQ 766 stimulated the economy enough to make another deposit in our flush Rainy Day Fund," said Rep. Ed Cannaday. "But the result has been a suppression of our schools' budgets. Any county excise board will tell you, revenues for our schools will be down drastically. Our schools will be doing more with less than ever before unless we act now and use the Rainy Day fund."

Lawmakers used Rainy Day money earlier this year to help the victims of the May tornadoes.