Rainy Day Fund Deposit Higher Than Expected
Oklahoma is getting ready to put more money into its savings account than expected.
Right now the state’s Rainy Day Fund only has $2 in it, but a major deposit is going in at the end of this month.
Office of State Finance Director Preston Doerflinger says the Oklahoma Tax Commission originally predicted a deposit of $71 million, but that could be much higher.
“We wouldn’t be able to do this if all the collections from different revenue sources weren’t continuing to increase so I think it is a positive reflection of the overall economy of the state.”
Doerflinger says he will have to wait until the end of June before knowing exactly how much will be in the deposit.
The Rainy Day fund originally had nearly $600 million in it which had to be depleted to make up for recent shortfalls in the budget because of the recession.