Oklahoma to free $125 million of fund’s money for budget

OKLAHOMA CITY (AP) – Oklahoma will transfer about $125 million from a cash-flow reserve fund each year and make it available for lawmakers to spend as the state navigates closing a $1.3 billion shortfall in next year’s budget.

Gov. Mary Fallin on Friday signed House Bill 3206 and six other bills from the Legislature into law.

Under the new practice, the Office of Management and Enterprise Services will certify any funds remaining in the cash-flow reserve fund in December as available for appropriation, a requirement estimated to capture about $125 million a year.

Lawmakers are expected to introduce a budget proposal next week.