Governor Brad Henry wants to expand Rainy Day Fund
Friday, February 3rd 2006, 11:33 am
By: News On 6
OKLAHOMA CITY (AP) _ Governor Henry wants the state to be allowed to put more money into its savings account known as the Rainy Day Fund.
The fund was created in 1985 when voters approved a constitutional amendment to set aside money as a way for the state to continue funding critical services during an economic downturn.
The amendment limits the amount of money the state can put into the fund each year to ten percent of general revenue collections. The governor wants to limit raised to 15 percent of general revenue, which includes tax collections and fees the state collects.
The Rainy Day Fund was filled to the legal limit for the first time ever last year and currently has about $461-million set aside.
Henry's proposal must be approved by the Legislature and by state voters.