In a news conference on Wednesday afternoon, Oklahoma state legislative leaders, along with Gov. Mary Fallin, announced an agreement to withdraw $78 million from the Rainy Day Fund to offset budget cuts for schools and the prison system.
Fallin announced earlier this week plans to tap the state’s Rainy Day Fund with $51 million in funding for the Department of Education and $27.5 million for the Department of Corrections.
Approximately $307 million would remain in the Rainy Day Fund after the withdrawal, if the plan is approved by the Legislature.
“All of us can agree that four-day school weeks and draconian cuts to corrections are not acceptable and are not going to happen,” said Fallin. “This is the most responsible option available to keep vital state services for education and corrections going between now and the end of June when this fiscal year ends.”
The money will allow the DOC to make payroll, pay for contracted services and avoid a reduction in staffing levels through the end of Fiscal Year ‘16.
“This money will allow us to maintain essential services, make payroll, pay for our contracted services and avoid a reduction in staffing in order to continue to protect the public,” Corrections Director Joe M. Allbaugh said.
Senate President Pro Tem Brian Bingman says the timing is right.
“We don’t take this lightly, knowing full well that next year could be worse,” said Senate President Pro Tem Brian Bingman. “It’s raining and that’s what rainy day funds are for,” Bingman said.
State schools Superintendent Joy Hofmeister agreed the money is much-needed.
“We hope this measure means schools will not take drastic means and will not go to four-day weeks,” she said.
The state continues to struggle financially with the oil bust and has suffered two revenue failures, which has left a $1.3 billion budget deficit.
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