State officials proposing changes in state Rainy Day Fund
Wednesday, October 13th 2004, 6:30 am
By: News On 6
OKLAHOMA CITY (AP) _ Governor Henry and state Treasurer Robert Butkin are endorsing proposed changes in the state's Rainy Day Fund.
Henry says a proposed constitutional amendment would tighten the purse strings on the constitutional reserve fund and strengthen the state's credit rating.
The proposal would raise the threshold required to withdraw money for emergency spending and preserve more funds for budgetary shortfalls.
Butkin says the state had a 300 (m) million dollar shortfall in the 2003 fiscal year. But only 70 (m) million was available in the Rainy Day Fund to make it up.
The proposal, State Question 708, will appear on the November 2nd general election ballot.