Oklahoma finance officials confirm revenue surplus likely

OKLAHOMA CITY (AP) – State finance officials are confirming cuts that were ordered to agency budgets in March likely were deeper than necessary and that Oklahoma will finish the fiscal year on June 30 with surplus revenue that could be reallocated back to agencies.

Secretary of Finance Preston Doerflinger declined Monday to speculate how much money will be left over until all revenue has been collected for the month of June.

Doerflinger discussed the potential surplus following a meeting of the State Board of Equalization, a panel led by Gov. Mary Fallin that determines each year how much revenue is available for the Legislature to spend.

The Office of Management and Enterprise Services reported Monday that Oklahoma currently has a surplus of $166 million, but that number is almost certain to decline.