Governor Mary Fallin and Republican legislative leaders agreed to pull about $78.5 million from the state’s Rainy Day Fund in order to partially offset budget cuts to common education and corrections for the remainder of this fiscal year.
The Department of Education will receive $51 million and the Department of Corrections will receive $27.5 million.
"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 Rainy Day Fund is like the state’s savings account, and is typically only used for emergencies. Legislation authorizing the withdrawal of the Rainy Day Fund money should be completed next week.
State Superintendent of Public Instruction, Joy Hofmeister, had requested $56 million in emergency funds for schools last week, and praised the state leaders for their quick and decisive actions.
"This agreement will be of great help for schools already facing serious budget challenges due to the economic downturn,” said Hofmeister.
Joe Allbaugh, interim Department of Corrections director, said the emergency funds will help allow his agency to make it through June 30, the end of this fiscal year.
“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,” he said. "This is a step in the right direction. Moving forward, I will continue an open line of communications with the governor’s office as well as the members of the Legislature as we come up with a long-term plan for the department.”
Some legislators were concerned about taking that much money from the Rainy Day Fund, which has a current balance of $385 million.
They noted that money will be needed to shore up next fiscal year's $1.3 billion shortfall.
