Oklahoma City, Oklahoma 73105
For Immediate Release: November 30, 2009
Sen. John Ford
Ford Says Higher Rainy Day Cap Could Have
Resulted in Additional $300 Million
Had the state's Rainy Day fund cap been set at 15
percent instead of 10, Oklahoma would have a much larger cushion,
as much as $300 million more, to soften the impact of budget cuts.
That's according to State Sen. John
Ford, Republican Caucus Chairman and head of the Senate Education
Ford originally filed legislation in 2006 to allow Oklahomans to
raise the cap from 10 to 15 percent, and will reintroduce his proposal,
Senate Joint Resolution 47, for the 2010 legislative session. He
said just a five percent increase would have made a huge impact
on the state's emergency fund.
"Given a robust economy, we could have been looking at an emergency
fund of nearly $900 million, compared to the $600 million in the
Rainy Day fund at present," Ford said. "It could have
meant the difference between being able to continue some critical
services until the economy recovers instead of cutting them altogether."
Ford, who represents Craig, Nowata and Washington counties, said
he had noted growing support for the legislative initiative by members
of both political parties.
"We must be better prepared for future economic downturns.
Passing this legislation will help us accomplish that goal."
For more information contact:
Sen. Ford: 405-521-5634