Oklahoma Legislature to have $188 Million Less to Spend
OKLAHOMA CITY (AP) — The Oklahoma Legislature will have even less revenue to appropriate this year for state services than initially projected, in large part due to volatile corporate income tax collections.
A state board headed by Gov. Mary Fallin on Tuesday certified $6.9 billion in available revenue for the Legislature to spend on state programs for the fiscal year that begins July 1. That amount is more than $188 million less than the Legislature appropriated on state services last year, and $17 million less than was projected in December.
Finance officials say the main reason for the sharp decline since December is a decrease in the estimate on corporate income tax collections, and Fallin asked two state finance officials to develop recommendations for better estimating those figures.