This bill amends Sections 3034.1 and 3034.2 of Title 68 of the Oklahoma Statutes, which pertain to the county rainy day fund and capital reserve fund. Key modifications include the process for funding the rainy day fund, which will now be appropriated from excess revenue collections from the previous fiscal year and must be identified as a dedicated line item in the budget. The bill allows for the use of up to one-quarter of the rainy day fund for revenue shortfalls in the general budget, with the stipulation that these funds must be clearly identified as a revenue source. Additionally, it specifies that the rainy day fund may contain up to 50% of the previous year's approved budget and introduces a provision for the board of county commissioners to expend up to 10% of the fund for exigent circumstances.

The capital reserve fund is also redefined, with funding now being appropriated from the general budget or other legal sources, and expenditures must be identified as a dedicated line item. The balance of the capital reserve fund will not be included in the general budget but will be recorded as a special fund. The bill emphasizes that once funds are transferred to either the rainy day or capital reserve fund, they cannot be returned to their original source. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.