Designated House speaker says the state will have budget hole of about $565 million for the next fiscal year if revenue collections meet projections. The governor's budget adviser says the state is only into its second month of the fiscal year and that it's too early to make accurate projections.
NewsOK
BY MICHAEL MCNUTT
Published: September 16, 2010
Early estimates indicate lawmakers will have a budget hole of about $565 million for the next fiscal year, even if revenue collections meet projections and come in 4 percent more than originally expected, the designated House speaker for the upcoming session said Wednesday.
The shortfall would follow the state's using about $1 billion of one-time funds to help balance this fiscal year's $6.7 billion budget, and if a mechanism is kept in place that would reduce the income tax to 5.25 percent if the state's revenue growth is at least 4 percent, said Rep. Kris Steele, House speaker designate.
Steele, R-Shawnee, said an analyst with the House of Representatives gave the grim forecast during a closed meeting of Republican House members.
"It's too early at this point to figure out exactly what direction the Legislature will take," he said... FULL ARTICLE
Posted on
Thu, September 16, 2010
by Crystal Drwenski