NewsOK
BY MICHAEL MCNUTT mmcnutt@opubco.com
Published: November 21, 2011
Despite tax collections coming in above projections this fiscal year, state budget officials are warning agencies to expect a flat budget at best for next year.
The state won't have a revenue shortfall, as it has the past three years.
But legislators and the governor used nearly $500 million in one-time funds that won't be available next year to craft the budget.
Another $36 million in income could be lost for the upcoming 2013 fiscal year if about a dozen tax credits that were suspended the past two years are allowed to continue; the state will start paying back $50 million a year in energy rebates that were not paid out the past two years to help Oklahoma get through its budget crisis.
“Despite the recent growth and upward trends, however, we're still feeling the effects of the recession,” Gov. Mary Fallin said. “Revenue continues to be below 2008 pre-recession levels, and one-time funding sources that previously have been used to balance the budget are no longer available. That means agencies will have to continue to work on maximizing efficiency and doing more with less.” FULL ARTICLE
Posted on
Mon, November 21, 2011
by John Cox