Republican Leaders Right about Rainy Day Fund
Oklahomans for Responsible Government believes taxpayers would best be served by a budget agreement that leaves a substantial portion of the Rainy Day Fund intact for Fiscal Year 2012. Governor Henry’s budget proposal does not do this and we encourage House and Senate leadership to stand their ground and pass a budget that does not use up 90% of the Rainy Day Fund.
“House Speaker Chris Benge and Senate President Pro Tem Glenn Coffee are right and taxpayers should take note of the irresponsible approach Governor Henry and State Treasurer Scott Meacham are taking,” said Brian Downs, OFRG Executive Director.
The Governor’s budget submitted earlier this month would leave less than $43-million in the Rainy Day Fund for FY 2012 and beyond. That would leave Oklahoma vulnerable at a time when another huge budget hole would open up because federal stimulus funds would no longer be available. A budget shortfall with little money in the Rainy Day Fund is the same scenario Governor Henry faced when he was first sworn into office in 2003.
“Governor Henry is spending his way out of office and our next Governor will again have a mess to deal with,” said Downs. “I have talked with Democratic leaders and they also say that the Governor is using too much of the Rainy Day Fund.”
OFRG believes that taxpayers would be best served by a state budget that concentrates on spending cuts first and keeps at least a quarter of the Rainy Day Fund intact for any future emergencies.