OKLAHOMA CITY – Increasing the Rainy Day Fund savings cap could save the state money.
The legislature has the discretionary power to decide how much money to save while building the yearly state budget. Currently, the savings cap is 15% of the amount certified for the prior fiscal year’s General Revenue Fund. Senate Joint Resolution 30 proposes a constitutional amendment to increase the maximum savings deposit from 15% to 30%. State Sen. Joe Newhouse, R-Bro- ken Arrow, said increasing this cap is a strategic financial move that allows state leaders more flexibility in saving, which could provide economic stability and certainty for future state operations.
“It’s important for our economy that Oklahoma is financially sound,” Newhouse said. “Practicing fiscal discipline while our businesses and industries are flourishing is a smart financial move. A strong savings account helps to boost the state’s credit rating and offers assurances that we can take care of our core services even in an economic downturn.” Gov. Kevin Stitt recently endorsed Newhouse’s proposal in the State of the State address. If passed, the resolution could be seen on the ballot as a state question later this year.