A bill aimed at expanding the state Rainy Day Fund passed out of the House on with unanimous approval.

House Joint Resolution 1001, by Rep. Andy Fugate, D-Del City, provides Oklahoma voters the opportunity to amend the Oklahoma Constitution to allow more money to be saved in the Constitutional Reserve Fund, better known as the “Rainy Day Fund.”

Oklahoma’s Rainy Day Fund dates back to an idea in 1985 by retired Sen. Jim Howell, D-Midwest City. The state budget routinely fluctuates with boom years followed by bust years. The Rainy Day Fund captures money from the boom years for use in the bust years.

In 2010, Oklahoma voters approved changing the calculation from 10 to 15 percent. However, shortfalls in recent years have shown this wasn’t enough. 

Under this proposal, the potential state savings could move from $900 million to more than $3 billion. The constitution only allows three-eighths of the money to be spent at one time. With recent revenue shortfalls between $900 million to $1.3 billion, this is a must-needed change.