Revenue numbers show mixed bag for Oklahoma budget
The Associated Press - February 20, 2018 11:34 am
OKLAHOMA CITY (AP) – Revenue collections are continuing to climb as Oklahoma emerges from an economic recession, but finance officials say state legislators still will have a $167 million hole to fill in next year’s budget because of increasing obligations.
A state panel led by Gov. Mary Fallin on Tuesday authorized $7 billion for the Legislature to spend in the fiscal year that begins July 1, an increase of $104 million over what was spent on the current year’s budget. But that figure doesn’t include about $270 million in new obligations, including $110 million to cover a loss of federal funding for the state’s two medical schools.
Fallin says she’s not optimistic the Legislature can reach an agreement on any new taxes to raise revenue, even for a teacher pay hike.