Tuesday, August 9, 2011

Rainy Day Fund Boosted By $30 Million

Office of State Finance Director Preston Doerflinger said Monday that a new deposit into the state's Rainy Day fund will be $30 million more than expected, a development welcomed by Governor Fallin.

"A final reconciliation of all sources contributing to the general revenue fund raised the deposit into the rainy day fund to $249.2 million, compared with last month's estimate of approximately $219 million," Doerflinger said.

The fund was drained to just $2.03 after being used to ease agency shortfalls.

General Revenue Fund collections for July, the first month of fiscal year 2012, were $385 million, or 4 percent above the first month of fiscal year 2011 and 4.6 percent above the estimate.

"Our increasing revenues further show the Oklahoma economy is on the right track," Governor Fallin said. "As we begin a new fiscal year, it's also good news to see another significant deposit into our rainy day fund."

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