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 to supplement the general budget if necessary, and it introduces provisions for the expenditure of up to ten percent of the fund for exigent circumstances. Additionally, the rainy day fund is required to be recorded as a special fund in the estimate of needs, separate from the general budget.

The capital reserve fund is also redefined, with funding now being appropriated from the general budget or other legal sources, and expenditures must be clearly identified in the budget. The bill stipulates that the balance of the capital reserve fund will not be included in the general budget but will be recorded as a special fund. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.