Local & Regional
Tue June 12, 2012
Oklahoma officials expect $600-Million Deposit in Rainy Day fund
OKLAHOMA CITY (AP) — Oklahoma finance officials project a deposit of nearly $350 million into the state's Rainy Day Fund after the fiscal year ends June 30, bringing the total balance of the fund to about $600 million.
Secretary of Finance Preston Doerflinger reported Tuesday that total collections to the state's general revenue fund through May exceeded last year's collections by nearly 10 percent.
If June collections continue to outpace the official estimate, Doerflinger projects a deposit of about $347 million will be made into the state's Rainy Day Fund, which already has a balance of about $250 million.
That would bring the balance of the Rainy Day Fund near its record of $596 million set at the beginning of the 2009 fiscal year before the full effect of the recession hit Oklahoma.