Oklahoma’s emergency fund technically empty
by Dale Denwalt, NewsOK
Oklahoma budget officials have borrowed more than $240 million from the Rainy Day Fund to pay for month-to-month expenses of state government, leaving the emergency fund temporarily empty.
The money has to be paid back with tax revenue before July 1.
The Rainy Day Fund, which is also called the Constitutional Reserve Fund, is designed to give lawmakers a stash of money to use during emergencies, but it’s usually tapped through the House and Senate appropriations process.
State law, however, lets Finance Secretary Preston Doerflinger move money between any state fund so Oklahoma doesn’t fall behind on its bills.