Oklahoma leaders bracing for another steep budget shortfall

OKLAHOMA CITY (AP) – With oil prices hovering below $50 a barrel and an income tax cut scheduled to take effect on January 1st, Oklahoma’s already bleak budget outlook for the upcoming fiscal year is likely to take a turn for the worse.

A little more than two months into the current budget year, the state’s top finance official already is meeting with legislative budget leaders and urging agency directors to start looking now for ways to save money.

Exacerbating the anticipated shortfall in the budget for the fiscal year is the heavy reliance on one-time funding sources for the current budget and a tax cut that will cost about $57 million in collections.

Still, Oklahoma Finance Secretary Preston Doerflinger (DOR’-fling-ur) says it’s too early to predict how big the budget hole will be.