The depleted state Rainy Day Fund will be replenished with a deposit much higher than projected, based on the pace of revenue collections as the 2011 fiscal year winds down, Office of State Finance Director Preston Doerflinger announced Monday.
"General Revenue Fund collections for May show the state economy is still surging, dwarfing the national unemployment rate and bringing in revenue well above the official estimate," Doerflinger said as he released the OSF’s monthly General Revenue Fund report.
"We won’t know the figure until next month, but it's certain the Rainy Day Fund deposit will be substantially higher than the $71.1 million forecast at the February meeting of the Board of Equalization," he said. "It could easily double that amount."
The fiscal year ends June 30 and the Rainy Day Fund deposit will be made in July. The state's savings account now contains only $2.03 after having a record $596.6 million before the recession set in and the state experienced huge budget shortfalls.
A constitutional amendment adopted by voters in 2010 raised from 10 percent to 15 percent the cap on the amount of money that can be in the Rainy Day Fund, based on the General Revenue Fund certification from the preceding fiscal year.
Gov. Mary Fallin hailed the latest revenue figures and the prospects for a hefty deposit into the Rainy Day Fund.









