By Associated Press
Oklahoma City, OK – Report: Okla. economy may not recover until 2014
OKLAHOMA CITY (AP) A new report shows Oklahoma's battered economy likely will not fully recover until at least 2014.
The Tulsa-based Oklahoma Policy Institute is releasing a report Tuesday that projects state lawmakers will face a $400 million budget hole in the upcoming fiscal year.
Institute director David Blatt acknowledges state revenue collections are beginning rebound. But he says the growth will be offset because of spending obligations incurred by previous Legislatures and the loss of one-time funds used to plug budget holes the last two years.
The report also projects revenue collections will grow by at least 4 percent this year, triggering an automatic cut of one-quarter percent in the state's top income tax rate. The report suggests delaying that cut, which is expected to cost the state an additional $100 million.
Copyright 2010 The Associated Press.