Local & Regional
Mon April 11, 2011
Oklahoma City, OK – Cash reserve could be used to balance Okla budget
(Information in the following story is from: The Oklahoman, http://www.newsok.com)
OKLAHOMA CITY (AP) Oklahoma legislative leaders say they plan to use the state's cash reserve fund to help balance the fiscal year 2012 budget, despite protests from some segments of the Republican Party.
Rep. Earl Sears, the chairman of the House Appropriations and Budget Committee, tells The Oklahoman he knows that some others in the GOP oppose using the cash reserve.
But he says not doing so would result in deeper cuts to state agencies already hit hard during budget cuts during the past three years. The state is facing a $500 million shortfall in the budget for the fiscal year that starts July 1.
The cash reserve fund typically isn't tapped until the fiscal year has started but Sears says it's needed now to help balance the budget.