Clearer picture emerges for leaner Oklahoma state budget
A drop in energy prices and tax collections means lawmakers will have $309.6 million less when drafting next year’s state budget.
In figures released Friday by the Office of State Finance, the state will go to a budget of $6.8 billion, down from this year’s budget of $7.1 billion.
In this , Feb. 4, 2008 file photo, Scott Meacham, Oklahoma state treasurer, gestures during a news conference in Oklahoma City. Meacham has been mentioned as a possible Democratic candidate for governor in 2010. (AP Photo, File)
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REACTION
SETTING PRIORITIES
Governor
Gov. Brad Henry said he’ll avoid dipping into the state’s Rainy Day Fund. "In the weeks to come, I will draft an executive budget that stretches our limited state resources to best meet the most pressing of our needs,” Henry said. "Although some will be tempted to tap the Rainy Day Fund to balance the budget, my goal is to keep the state’s savings account intact. It makes good sense to conserve our resources for the future.”
Senate
"We will still need to look closely at all agency budgets and identify efficiencies to carry us through this period,” said Senate President Pro Tempore Sen. Glenn Coffee, R-Oklahoma City. "This is an opportunity to find and cut fat and unnecessary programs while making our government more efficient in the long term.”
House
House Speaker Rep. Chris Benge, R-Tulsa, said the Legislature will have to set priorities and fund them accordingly. "The numbers show we will have to tighten our belts next fiscal year,” Benge said. "We will continue to be mindful of the revenue picture as we start to develop our legislative priorities for the next session to ensure that, much like our resilient Oklahoma families, government is living within its means.”
Budget outlook
→Officials estimate individual income tax revenues will be down by $104 million in next fiscal year.
→Gross production tax revenues from natural gas are expected to be down by $154 million and gross production tax collections on oil are expected to be down by $80 million. The first $150 million of the gross production tax on oil goes toward education. State officials estimate no oil proceeds will make it into the general revenue fund.
→Motor vehicle tax collections are projected to be down nearly $69 million, 28 percent off from the previous year.
→The state will go to a budget of $6.8 billion next fiscal year, down from $7.1 billion. That’s a difference of $309.6 million.
→In the next budget year, state revenue collections are expected to be down by $296 million.
→Earlier this week, the Tax Commission said collections for the next fiscal year, which begins July 1, were expected to be off by $250 million. Money collected by the Tax Commission makes up about 97 percent of the general revenue fund.
Related Topics:
Public Finance, Politics, U.S. Politics, Business, Financial Markets, World Politics, Taxes, Government Spending, Gas Prices, Oil Prices, Commodity Markets, State and Provincial Budgets, Government and Politics, U.S. State Politics, Oklahoma Politics
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