Bill > SB449

This bill modifies the rules for county rainy day funds and capital reserve funds in Oklahoma, providing clearer guidelines for their creation, funding, and use. For the rainy day fund, the bill changes how funds can be transferred, allowing counties to appropriate excess revenue collections from the previous fiscal year with a dedicated line item in their budget. The fund can now contain up to 50% of the previous year's approved budget, and its usage has been adjusted: up to 1/2 of the fund can be used for natural disasters, up to 1/4 can be used as revenue for the general budget if deemed necessary by the governing board, and up to 10% can be expended for exigent circumstances. For the capital reserve fund, the bill similarly requires a dedicated line item when funded from the general budget and clarifies that expenditures are limited to county facilities. The changes aim to provide more flexibility and transparency in how counties manage and allocate these special funds, with provisions to track and record these transfers separately from general budget expenses. The bill will become effective on July 1, 2025, and is declared an emergency measure, meaning it can take effect immediately upon passage.

Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb449&Session=2600