Oklahoma § 68-3034.1 - Rainy day fund
Full text of Oklahoma Oklahoma Statutes § 68-3034.1 — Rainy day fund, with citation guidance and answers to common questions.
§ 68-3034.1. Rainy day fund
A. As used in this act, a "rainy day fund" shall be a cash
account to pay for unforeseen future emergencies or loss in revenue
for the county budget. The rainy day fund shall be funded with
surplus funds or monies receipted over and above the itemized
estimate of needs for the general fund. Such transfers from the
surplus funds shall occur at the time of the budget approval. The
balance of the rainy day fund shall not be part of the general
budget within the estimate of needs but shall be recorded on the
estimate of needs as a special fund. When the county has excess
funds, the county may by resolution deposit the funds in the rainy
day fund. However, after funds are so transferred, they are not
transferable back to the original source. The rainy day fund may
contain up to, but not more than, fifty percent (50%) of the
previous year's approved budget.
B. 1. Up to one-half (1/2) of the balance of the rainy day
fund may be used for natural disasters that are declared such by the
Governor, board of county commissioners or by the federal
government. Such expenditures must be spent in accordance with
Section 1500 et seq. of Title 19 of the Oklahoma Statutes.
Oklahoma Statutes - Title 68. Revenue and Taxation
2. Up to one-eighth (1/8) of the balance of the rainy day fund
may be used to supplement the county's current general budget if it
is less than the previous year's budget.
3. Up to one-eighth (1/8) of the balance of the rainy day fund
may be used to supplement the current year's revenue when
collections come in shorter than estimated and a revenue failure is
declared by the board of county commissioners.
Added by Laws 2021, c. 52, § 2, eff. July 1, 2021.
Frequently Asked Questions About Oklahoma § 68-3034.1
What does Oklahoma Statutes § 68-3034.1 cover?
Section 68-3034.1 ("Rainy day fund") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 68-3034.1?
A common citation format is "Oklahoma Statutes § 68-3034.1" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 68-3034.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.