Reconciliation of state agency budgets at the end of fiscal 2012 put an additional $21.4 million into Oklahoma’s Constitutional Reserve Fund last week.
The deposit brings the rainy day fund to a total of $577.5 million. It also boosts the year-end surplus to $328.3 million.
The rainy day fund peaked at $596.6 million in January 2010, but withdrawals to cover revenue shortfalls resulted in a balance of $2.03 in January 2011.
The state deposited $249.2 million into the budget stabilization fund at the end of fiscal 2011. There were no deposits in fiscal 2009 or 2010.
Voters in November 2010 raised the cap on the rainy day fund to 15% of the previous year’s revenue from the 10% limit in the constitutional amendment approved in 1985.
General fund revenue collections totaled $5.5 billion in fiscal 2012, up $427 million from fiscal 2011 revenues.
Finance Secretary Preston Doerflinger said he was positive but wary about Oklahoma’s economy.
“As an optimist by nature, I am hopeful Oklahoma can continue the tremendous economic strides we have made the past two years,” he said. “But history persuades me to expect that our rapid growth in revenue will level off at some point.”
