As-of September 2007, the balance in the Rainy Day Fund is $571.6 million.

The official name of what we commonly call the Rainy Day Fund is the Constitutional Reserve Fund. Its creation and purpose is included in Article 10, Section 23 of the Oklahoma Constitution. A deposit is made to the Rainy Day Fund when the state revenue collections for a given fiscal year exceed 100% of the official estimate for that year. The fund is capped at 10% of the General Revenue Fund official estimate for the prior fiscal year.

If state tax revenues in a given fiscal year come in at a level that is less than the total appropriated by the Legislature, the Constitution provides that 3/8 of the Rainy Day Fund can be used to make up that shortfall for that year. Another 3/8 can be used to make up the difference if the official estimate says the next fiscal year will bring in less revenue than the current year. Another 1/4 can be used if the Governor and 75% of the Legislature declare an emergency.

The Rainy Day Fund may be used when: