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Oklahoma budget shortfall estimate hits $900M

 
BY MICHAEL MCNUTT | Published: February 11, 2009    Comment on this article Leave a comment

Oklahoma’s estimated $600 million budget hole deepened another $300 million Tuesday based on latest revenue estimates.

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The Oklahoma Tax Commission approved an estimate that showed state revenues will be about $300 million less than the budget estimate made in December.

"There’s obviously a tendency to look at that number and be a bit surprised and hope that it’s not that big,” said Reece Womack, the Tax Commission’s economist who prepared the estimate. "Actually I’m the opposite — I hope it’s that small.

"It’s kind of ugly, and it may get uglier.”

State Treasurer Scott Meacham, Gov. Brad Henry’s top budget adviser, said legislators will have about $610 million less to spend for the 2010 fiscal year, which begins July 1, than they had for this fiscal year.

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Related Topics: Public Finance, Politics, Government Spending, State and Provincial Budgets, Government and Politics



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