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Stacking Up Oil And Gas States’ ‘Rainy Day Funds’

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OakleyOriginals
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Gov. Mary Fallin and legislative leaders have agreed to tap $78.5 million, or about a fifth, of the state's "Rainy Day Fund" to partially offset current-year cuts to budgets for common education and corrections.

That news was welcomed by state schools Superintendent Joy Hofmeister and interim Corrections Department Director Joe Allbaugh, who said it would help their agencies avoid some drastic cutbacks that would affect essential services.

But the movealso will lower the reserves available to the state to address a projected $1.3 billion budget shortfall in fiscal 2017.

Oklahoma's emergency fund is relatively small now compared with those of other top oil-producing states, which have suffered from a drop in energy prices. Tax cuts and tax breaks enacted over years also have cut into revenue.


Oklahoma Watch is a nonprofit organization that produces in-depth and investigative journalism on important public-policy issues facing the state. More Oklahoma Watch content can be found at www.oklahomawatch.org

Oklahoma Watch is a non-profit organization that produces in-depth and investigative journalism on important public-policy issues facing the state. Oklahoma Watch is non-partisan and strives to be balanced, fair, accurate and comprehensive. The reporting project collaborates on occasion with other news outlets. Topics of particular interest include poverty, education, health care, the young and the old, and the disadvantaged.
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