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9:59 am
Sat February 19, 2011

Better Revenue

Oklahoma City, OK – Lawmakers will have $100M more to spend on budget

OKLAHOMA CITY (AP) Oklahoma is finally getting a dose of positive budget news.

State finance officials say the deficit they expected in the next year's budget is not as large as first 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. That brings the total hole in next year's budget to about $500 million.

A large portion of the increased revenue about $64.3 million comes from a revised estimate on the gross production tax on oil. The original estimate was based on oil selling for about $82 per barrel, while the revised calculations project oil selling for about $91 per barrel.

The Tax Commission also increased its estimate on personal income tax by $31 million and motor vehicle taxes by $7.9 million.