Oklahoma Rainy Day Fund Deposit Calculation Amendment (2022)

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Oklahoma Rainy Day Fund Deposit Calculation Amendment
Flag of Oklahoma.png
Election date
November 8, 2022
Topic
State and local government budgets, spending and finance
Status
Not on the ballot
Type
Constitutional amendment
Origin
State legislature

The Oklahoma Rainy Day Fund Deposit Calculation Amendment (HJR 1001) was not on the ballot in Oklahoma as a legislatively referred constitutional amendment on November 8, 2022.

This amendment would have changed how the Rainy Day Fund's maximum balance is calculated. As of 2021, the state's Constitutional Reserve Fund (Rainy Day Fund) had a maximum allowed balance of 15% of the General Revenue Fund certification for the preceding year. The amendment would have changed how the maximum balance is calculated to 15% of total expenditures for the previous fiscal year. The total expenditures would have excluded money expended from revolving funds, funds with money derived from fees or non-tax revenues, and proceeds from a bond or debt obligation. In the amendment's fiscal impact statement, legislative analysts said that "the provisions will increase the basis on which the calculation of the fund balance maximum is made, perhaps as much as a one hundred percent (100%) increase. This will result in the ability for the fund to receive more surplus funds."[1]

Text of measure

The full text of the measure is available here.

Path to the ballot

See also: Amending the Oklahoma Constitution

To put a legislatively referred constitutional amendment before voters, a simple majority vote is required in both the Oklahoma State Senate and the Oklahoma House of Representatives.

2021 legislative session

This amendment was introduced as House Joint Resolution 1001 on February 1, 2021. On March 11, 2021, the House passed HJR 1001 in a vote of 93-0 with eight members excused. The measure did not receive a vote in the Senate before the legislature adjourned the 2021 session on May 27, 2021.[1]

Vote in the Oklahoma House of Representatives
March 11, 2021
Requirement: Simple majority vote of all members in each chamber
Number of yes votes required: 51  Approveda
YesNoNot voting
Total9308
Total percent92.07%0%8%
Democrat1801
Republican7507

See also

External links

Footnotes