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Oklahoma State Question 708, Rainy Day Fund Amendment (2004)
| Oklahoma State Question 708 | |
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| Election date |
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| Topic Budget stabilization funds |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Oklahoma State Question 708 was on the ballot as a legislatively referred constitutional amendment in Oklahoma on November 2, 2004. It was approved.
A "yes" vote supported changing the spending limitations of the Rainy Day Fund, allowing up to 3/8 for revenue shortfalls, limiting the total to the predicted shortage, and reducing the amount available for emergencies from 1/2 to 1/4 of the fund. |
A "no" vote opposed changing the spending limitations of the Rainy Day Fund, allowing up to 3/8 for revenue shortfalls, limiting the total to the predicted shortage, and reducing the amount available for emergencies from 1/2 to 1/4 of the fund. |
Election results
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Oklahoma State Question 708 |
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| Result | Votes | Percentage | ||
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873,791 | 63.09% | ||
| No | 511,136 | 36.91% | ||
Text of measure
Ballot title
The ballot title for State Question 708 was as follows:
| “ | This measure amends the Oklahoma Constitution. It amends Section 23 of Article 10. This section involves the Constitutional Reserve Fund also known as the Rainy Day Fund. This measure changes the amount which could be spent from the Rainy Day Fund. The State Board of Equalization would decide if the taxes the state collects each fiscal year will be less than predicted. This is called revenue failure. If this happens, up to three-eighths (3/8) of the Rainy Day Fund could be spent. The total amount spent from the Rainy Day Fund for revenue failure could not exceed the amount of the funds shortage predicted by the State Board of Equalization. The Rainy Day Fund can be used now if the prediction about state tax collections for the current year is less than the prediction made the year before. One-half (1/2) of the Fund can be spent now if this occurs. If this measure passes, that amount would change to three-eighths (3/8). Money can now be spent from the Fund for certain emergencies. One-half (1/2) of the Fund can now be spent for these emergencies. This measure would change that amount to one quarter (1/4). | ” |
Path to the ballot
- See also: Amending the Oklahoma Constitution
A simple majority vote is required during one legislative session for the Oklahoma State Legislature to place a constitutional amendment on the ballot. That amounts to a minimum of 51 votes in the Oklahoma House of Representatives and 24 votes in the Oklahoma State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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