"Because we are required to base projections on existing law, estimates the Equalization Board will consider on Thursday are linked to the tax structure that would exist if the president and Congress go over the fiscal cliff," Doerflinger said.
Incoming House Speaker T.W. Shannon said the projected increase in state revenue is a good sign of Oklahoma's strong economy, but he said the looming fiscal cliff and its potential impact on the state's economy is a "real concern."
"This legislative session, I will require all state agencies prepare for reductions in federal spending," Shannon, R-Lawton, said in a statement. "It needs to be a serious goal this legislative session that Oklahoma lessens its reliance on the federal government."
Finance officials said current projections for the remainder of the current fiscal year would result in a $66 million deposit into the state's Rainy Day Fund, pushing the fund balance to more than $600 million for the first time in state history. The fund, which includes any year-end surplus from the state's General Revenue Fund, currently has a balance of $577.5 million.
Sean Murphy can be reached at www.twitter.com/apseanmurphy