Lawmakers Will Have Less to Spend in Oklahoma; That Means Budget Cuts Ahead
OKLAHOMA CITY (AP) — A state board led by Oklahoma Gov. Mary Fallin is expected to certify less money for the Legislature to spend on state programs next year.
The Board of Equalization is scheduled to meet Thursday to certify an estimate of how much revenue will be available to spend on the fiscal year that begins July 1. Initial projections are that the Legislature will have about $273 million, or 3.8 percent, less than it spent on the current fiscal year.
But due to Tuesday's decision by the Oklahoma Supreme Court to toss out a bill to cut the state's income tax rate, Fallin is expected to make a motion to add about $103 million back into next year's budget.
The board meets again in February for a final certification.