Oklahoma House passes legislation to capture new revenue
Ponca City Now - May 10, 2016 10:42 am
OKLAHOMA CITY (AP) – The Oklahoma House has adopted legislation designed to capture about $125 million from a cash-flow reserve fund each year and make it available for lawmakers to spend.
The House voted 85-8 Monday for the measure and sent it to the Senate for consideration.
The bill is part of a package of legislation adopted by House and Senate appropriations committees last week to raise new revenue and help fill a projected $1.3 billion hole in next year’s state budget. The shortfall is blamed largely on declining energy prices.
Under the bill, the Office of Management and Enterprise Services would certify any funds remaining in the cash flow reserve fund in December as available for appropriation, a requirement estimated to capture about $125 million a year.