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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 449 By: Alvord
AS INTRODUCED
An Act relating to counties; amending 68 O.S. 2021,
Sections 3034.1 and 3034.2, which relate to county
rainy day fund and capital reserve fund; modifying
certain process for funding county rainy day fund;
allowing for certain use of county rainy day fund for
general budget; providing for certain line item in
certain circumstance; updating statutory references;
providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2021, Section 3034.1, is
amended to read as follows:
Section 3034.1. A. As used in this act Section 3034 et seq. of
this title, a “rainy day fund” shall be a cash account to pay for
unforeseen future emergencies unforeseen circumstances 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
appropriated from excess revenue collections from the previous
fiscal year and enumerated as a budgeted item with a dedicated line
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item identified in the chart of accounts and shall not be combined
with other expenses of the county. The transfer of appropriations
to the rainy day fund shall be conducted after the budget is
approved. 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 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.
2. Up to one-eighth (1/8) one-quarter (1/4) 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 as
revenue for the general budget if determined necessary by the
governing board. Revenue from the rainy day fund may be applied
during the original approved budget or mid-year with an amended
budget. The amount required must be clearly identified as a revenue
source within the budget, and the funds shall be transferred from
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the rainy day fund to the general fund after the budget is approved
and certified.
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 ten percent (10%) of
the balance of the rainy day fund may be expended by resolution of
the board for exigent circumstances.
SECTION 2. AMENDATORY 68 O.S. 2021, Section 3034.2, is
amended to read as follows:
Section 3034.2. A. As used in this act Section 3034 et seq. of
this title, a “capital reserve fund” shall be a cash account, which
may be used to pay for long-term capital needs of the county. The
capital reserve fund shall be funded appropriated from the general
budget or other legal source. When funded from the general budget,
a dedicated line item shall be used to identify the expenditure in
the chart of accounts and not be combined with other expenses of the
county. The balance of the capital reserve 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 money from other sources than the general
budget, the county may by resolution deposit the funds in the
capital reserve fund. However, after the funds are so transferred,
they are not transferable back to the original source.
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B. Expenditures may be made out of the capital reserve fund as
needed and determined by the board of authority. Expenditures are
limited to county facilities. Such expenditures must be spent in
accordance with Section 1500 et seq. of Title 19 of the Oklahoma
Statutes.
C. The Office of the State Auditor and Inspector may establish
proper documents and procedures.
SECTION 3. This act shall become effective July 1, 2025.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-1-1183 MSBB 1/19/2025 5:36:36 AM