OKLAHOMA CITY - State Rep. Andy Fugate, D-Del City, won committee passage of a bill to amend the Oklahoma Constitution and allow more money to be saved in the state’s Rainy Day Fund.
House Joint Resolution 1001 passed the House Rules Committee in a unanimous vote of 9-0. It changes the Rainy Day maximum savings calculation to include all state spending when determining the savings “cap.”
“Currently, we base our Rainy Day savings on a small fraction of our overall state spending. We wouldn’t do that in our home finances and we shouldn’t do it with the people’s money,” said Fugate. “Today’s vote puts our state one step closer to having a real savings account.”
The Constitutional change, once signed by the Governor, would be voted on by the people through a state question.
The Constitutional Reserve Fund, better known as the Rainy Day Fund, was created in 1985 to prepare Oklahoma for downturns in the economy. However, recent downturns have shown that basing our savings plan on a portion of the state’s budget is a recipe for failure. Oklahoma needs to account for all state spending in our savings decisions.
“It’s reassuring to see broad bipartisan support for this common-sense measure,” Fugate said. “I believe the people need a say on this issue, and we should give it to them. We need a solid plan for economic downturns and the best way to accomplish that is to change the formula.”
HJR 1001 is now eligible to be considered on the House floor.
For more information contact the office of Rep. Andy Fugate (405) 557-7370 or email email@example.com.