Oklahoma put $306.8 million into its budget stabilization fund last week, bringing the total rainy-day reserve to $556 million.
It was the largest single deposit ever into the reserve fund, according to finance director Preston Doerflinger.
“This preliminary report drives home the role consumer confidence has played in Oklahoma’s economic recovery in the fiscal year ending June 30,” Doerflinger said.
The fund reached a peak of $596.6 million in fiscal 2009 before lawmakers began tapping it to compensate for rapid drops in state revenue.
The rainy-day fund dwindled to $2.02 in January 2011, but a $249 million deposit was made at the end of fiscal 2011.
A deposit is made if general revenue collections exceed 100% of the predicted collections. The fund is capped at 15% of the previous fiscal year’s general revenue fund.
General fund collections in fiscal 2012 totaled $5.54 billion, or almost 8% more than the $5.14 billion collected in fiscal 2011.
The rainy-day fund was established in 1985. The cap was raised to 15% of the previous year revenues from the original 10% in 2010.