Legislature to Have $7 Billion to Spend on Budget
OKLAHOMA CITY (AP) — The Oklahoma Legislature will have $7 billion in revenue to spend on the coming fiscal year's budget, an increase of $212 million over what was appropriated last year.
The State Board of Equalization approved the final figures on Tuesday, giving legislators the final amount they will have to appropriate to various agencies and programs for the fiscal year that begins July 1.
Gov. Mary Fallin says her priorities for the additional revenue are increased funding for common education and cut in the personal income tax rate.
As a result of the Tuesday's certification, state finance officials are projecting a surplus of $83 million will be deposited into the state's Rainy Day Fund. That July deposit will increase the amount in the constitutional reserve fund to $660 million, an all-time record.
Copyright 2013 The Associated Press.