Oklahomas rainy-day fund will grow to $200 million when the fiscal year ends next week, giving the state a welcome cushion after three years of austerity.
The Board of Equalization confirmed the estimate as it certified the $4.8 billion budget estimate for fiscal 2005, which begins July 1.
Deposits to the constitutional reserve or rainy-day fund occur at the end of the fiscal year when collections exceed the estimate. The state last made a deposit to the fund at the conclusion of fiscal 2001.
It is very important that we build up that fund balance to deal with any future emergencies, said Finance Secretary Scott Meacham. The current rainy-day fund balance stands at just over $136,000. That means we have very limited reserves on-hand to deal with any unforeseen circumstances that may arise.
Meacham last week said that general revenue collections for May of $324.5 million were $10.4 million above the year before and $13.2 million above the Office of State Finances estimate.
Net income taxes in May produced $121.8 million, which was $17.2 million, or 16.5%, above the year before and $2.9 million, or 2.4%, above the estimate.
The state sales tax produced $112.1 million for the month, which was $9.5 million above the previous year and $9.4 million above the estimate.
