Next year’s budget hole estimated at $868 million
The Associated Press - December 21, 2016 11:31 am
OKLAHOMA CITY (AP) – Oklahoma’s Secretary of Finance says the hole in next year’s budget is expected to be about $868 million, or more than 12 percent of state spending, significantly more than Gov. Mary Fallin estimated last week.
Finance Secretary Preston Doerflinger released budget figures on Tuesday that also project state revenue collections won’t be enough to trigger a further cut in the state’s individual income tax rate from 5 percent to 4.85 percent.