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November 17, 2009

NEW: Education board wants use of Rainy Day Fund now

From The Associated Press

OKLAHOMA CITY — The state Board of Education is calling in a resolution for the immediate use of money from Oklahoma’s Rainy Day Fund, citing dire funding circumstances for the state’s schools.

Declining revenues have resulted in a 5 percent cut in allocations to all state agencies, and state Superintendent Sandy Garrett said Tuesday education has been even more hard hit because of a drop in revenue from a state fund set aside for education.

She says teacher layoffs are possible if circumstances don’t improve.

There’s about $600 million in the Rainy Day Fund. Gov. Brad Henry has said it likely will be necessary to use that money during this fiscal year, but has not called a special session of the Legislature to do so. The Legislature’s regular session begins in February.

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