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Oklahoma board certifies final budget

Oklahoma board certifies final budget

NewsOK
BY MICHAEL MCNUTT
Published: June 22, 2010

A combination of increases in various fees and fines along with a moratorium on tax credits and a deferral of certain oil and gas drilling rebates will provide an additional $308 million in state revenue for the upcoming fiscal year, a state board agreed Monday.

The increase in fines and a two-year moratorium on tax credits and the deferral of rebates for certain oil and gas wells for a similar time period were part of a deal worked out between the Republican-led Legislature and Democratic Gov. Brad Henry on the $6.7 billion budget, which takes effect July 1.

The changes reflect a 6.6 percent increase in revenue compared with February, when the board met to certify how much state revenue legislators would have available to spend for this year's session, which ended last month.

Members of the state Board of Equalization, made up of several state officials, seemed more optimistic Monday than in their last meeting in February. The state's financial condition then was glum, with state revenue collections coming in about 22 percent less than estimated... FULL ARTICLE

 

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