Oklahoma finance officials say the hole in the next year's budget is not as large as initially feared.
NewsOK
By The Associated Press
Published: February 18, 2011
A boost in the projected price of oil and income tax collections means the size of the hole in next year's budget will not be as large as initially feared.
Figures released Friday by the Oklahoma Tax Commission show the Legislature will have about $106.4 million more to spend than was initially estimated in December, bringing the total hole in next year's budget to about $500 million. Lawmakers had projected at least a $600 million budget shortfall for the fiscal year that begins July 1, which would have required cuts to agency budgets ranging as high as 10 percent.
“This is great news,” said Rep. David Dank, R-Oklahoma City, chairman of the House Appropriations Subcommittee on Revenue and Taxation. “The more money we get, the less the cuts will be. We'll have to re-evaluate everything, and that's a good thing.” FULL ARTICLE
Posted on
Fri, February 18, 2011
by John Cox