§ 68-3034.1 — Rainy day fund.

Oklahoma § 68-3034.1

• Jurisdiction: Oklahoma
• Title 68: Revenue And Taxation

Text

A. As used in this act, a "rainy day fund" shall be a cash account to pay for unforeseen future emergencies or loss in revenue for the county budget. The rainy day fund shall be funded with surplus funds or monies receipted over and above the itemized estimate of needs for the general fund. Such transfers from the surplus funds shall occur at the time of the budget approval. The balance of the rainy day fund shall not be part of the general budget within the estimate of needs but shall be recorded on the estimate of needs as a special fund. When the county has excess funds, the county may by resolution deposit the funds in the rainy day fund. However, after funds are so transferred, they are not transferable back to the original source. The rainy day fund may contain up to, but not more than, fifty percent (50%) of the previous year's approved budget. B. 1. Up to one-half (1/2) of the balance of the rainy day fund may be used for natural disasters that are declared such by the Governor, board of county commissioners or by the federal government. Such expenditures must be spent in accordance with Section 1500 et seq. of Title 19 of the Oklahoma Statutes. 2. Up to one-eighth (1/8) of the balance of the rainy day fund may be used to supplement the county's current general budget if it is less than the previous year's budget. 3. Up to one-eighth (1/8) of the balance of the rainy day fund may be used to supplement the current year's revenue when collections come in shorter than estimated and a revenue failure is declared by the board of county commissioners.

Legislative History

Added by Laws 2021, c. 52, § 2, eff. July 1, 2021.