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PrintE-mailHenry seeks larger Rainy Day fund

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Published: 01/26/10 - 5:04pm Written by Dick Pryor

Cap008resizedOKLAHOMA CITY (AP) - Gov. Brad Henry is urging state lawmakers to expand Oklahoma's constitutional Rainy Day fund. Henry said Tuesday he plans to ask the Legislature to help him remove a cap on the fund so more money can be deposited for times of revenue shortfalls. The governor made the same proposal in 2006, but lawmakers rejected it. If voters had approved the measure, the fund would contain almost $900 million today. Instead, it contains about $600 million.

The Oklahoma Constitution limits the fund to 10 percent of general revenue receipts. Henry wants that raised to 15 percent. Officials have declared a revenue shortfall of more than $729 million for the fiscal year that ends June 30 and a revenue estimate for next year that is $1.3 billion less than the current one.