The December estimate was made with anticipation federal tax cuts set to expire Jan. 1 would be eliminated, based on existing law at that time. When the tax cuts were extended, state Finance Secretary Preston Doerflinger cautioned that the new revenue figures would be less. Doerflinger, Fallin's chief budget negotiator, lowered the extra revenue projection to $178 million to prepare the governor's budget.
The board also approved projections that show the state's main operating fund will have a surplus of $83.3 million, instead of $66.4 million, at the end of this fiscal year. That money will be deposited in the state's savings account, the Rainy Day Fund. The amount of that fund in July should increase to $660.8 million, a record.