Lawmakers will have more state funds to appropriate next year, but they still face a shortage gap to make up for using one-time funds to develop this fiscal year's $6.4 billion budget.
NewsOK
BY MICHAEL MCNUTT mmcnutt@opubco.com
Published: December 20, 2011
Oklahoma will have a flat budget next year, despite state revenue collections being projected to come in about $400 million more than a year ago, state officials said Monday.
Lawmakers should have about $6.5 billion in state funds to appropriate for the upcoming 2013 fiscal year, which starts July 1, state Finance Director Preston Doerflinger said. A budget board made up of several statewide officials will approve that estimate during a meeting Tuesday.
“It's positive news that our economy has been showing growth,” said Gov. Mary Fallin, who serves as chairman of the state Board of Equalization. “The challenge that we're facing in the next budget year ... with the money that we received over the last couple of years from one-time funding from the stimulus, from the federal government, we still anticipate that we will have a relatively flat budget year in making up for the loss of one-time funds.”
The state's economic outlook is brighter than a year ago. Last year at this time, it was estimated lawmakers would have about $6.1 billion to appropriate and were facing a $500 million shortfall.
“More than anytime in history this is certainly Oklahoma's time to shine and it's a result of how we positioned ourselves financially,” Doerflinger said. “I'm very optimistic about the continued growth and how we emerge from the recession. It's much more positive than most other states who would love to be sitting where we're sitting at today.” FULL ARTICLE
Posted on
Tue, December 20, 2011
by John Cox