Oklahoma Budget Woes

Oklahoma City, OK – Budget agreement for FY2010 lacks specifics

OKLAHOMA CITY (AP) The governor and legislative leaders may have agreed on a plan to close a nearly $1 billion hole in this year's budget, but disagreements remain on where that money will come from.

The hang-up is on how much to use from the state's constitutional Rainy Day Fund, a state savings account that currently has a balance of nearly $600 million.

Gov. Brad Henry has proposed spending $485 million from the fund on the current budget year that ends June 30. Lawmakers need to come up with about $530 million the rest will be absorbed through across-the-board cuts to agency budgets that average about 7.5 percent.

But House Speaker Chris Benge and Senate President Pro Tem Glen Coffee both said Thursday they want to spend no more than $225 million from the reserve fund.