Opinion
Preparing for a Rainy Day
EDMOND — This year, Oklahoma faces one of the worst budget crises in our state’s history. The decisions that lie ahead for state leaders will be difficult, but I have no doubt that Oklahoma will weather this storm and emerge stronger.
Today’s budget situation is similar to the one we faced when I took office in 2003 — with one crucial difference. That year, Oklahoma’s Rainy Day Fund was virtually depleted. Today, because of protections enacted in recent years, the fund is full, with $600 million to use in our time of emergency.
This is the rainy day voters envisioned 25 years ago when they voted to create the fund, and today’s leaders have a responsibility to see that the fund is adequate to meet our future needs.
Four years ago, I proposed raising the cap on Rainy Day Fund deposits from 10 percent to 15 percent of general revenue collections. Times were good in 2006, and lawmakers had little interest in increasing the size of the emergency fund. Had that proposal passed, the state would have an additional $300 million to deal with today’s revenue decline.
This session I am again asking the Legislature to take action on this important measure. Because it requires a change to the Oklahoma Constitution, the people ultimately will vote on any changes to the Rainy Day Fund.
We know that economies and state revenues cycle through highs and lows, and it only makes sense to put away adequate funds during the good times. This year’s budget crunch proves again that it’s never a bad idea to put more money into your savings account.
Raising the cap on Oklahoma’s Rainy Day will ensure that our state is better prepared to weather financial downturns in the future. It’s a responsibility we owe to future state leaders and all Oklahomans.
GOV. BRAD HENRY may be reached via his Web site at www.governor.ok.gov.
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