Pew Offers Guidance on Local Rainy Day Funds in Oklahoma

Reserves can help municipal leaders manage volatility and stabilize budgets

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Projects: State Fiscal Health
Pew Offers Guidance on Local Rainy Day Funds in Oklahoma

Experts from The Pew Charitable Trusts sent a memo to Jason Carini, treasurer of Rogers County, Oklahoma, outlining how rainy day funds can help the state’s local governments manage revenue volatility and recover from economic shocks, including natural disasters or recessions.

The memo explains the value in states allowing their local governments to establish rainy day funds and specifies how these funds should be designed. It also advises lawmakers on several best practices based on Pew research. The memo recommends that officials routinely study how revenues react to the ups and downs of the business cycle in order to inform the savings target, tie rainy day fund deposits to extraordinary or unexpected revenue, and base the withdrawal rules on revenue or economic volatility.

Downloads Pew Offers Guidance on Local Rainy Day Funds in Oklahoma [PDF]
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Economic Downturns: Protecting State and Local Budgets

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In particularly challenging times, when revenue is volatile and priorities may need to be reassessed, it is important that lawmakers manage budgets effectively to mitigate fiscal stress.

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Strengthening Local Fiscal Health

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Local governments are essential to the nation’s prosperity—central to the quality of life, jobs, and long-term prospects of most Americans. However, research from Pew finds that even as many cities and towns struggle to recover from the Great Recession, new challenges are emerging. Local governments face costly infrastructure needs, reduced state and federal aid, and growing long-term liabilities.

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RELATED RESOURCES

How Rainy Day Funds Help Cities Prepare for Revenue Volatility How Philadelphia and Other Cities Work to Achieve Fiscal Stability Local Communities May Need State Help to Recover From Recession State and Local Governments Relied on Debt for Budgetary Help In 2020 Rainy Day Funds Best Practices to Mitigate Revenue Volatility
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Catherine An Senior Officer, Communications 202.552.2088
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