Posted: Feb 18, 2014 1:58 PMUpdated: Feb 18, 2014 1:58 PM
State Leaders To Spend Less This Year
The Oklahoma Legislature will have even less revenue to appropriate this year for state services than initially projected, in large part due to volatile corporate income tax collections. A state board headed by Governor Mary Fallin on Tuesday certified $6.9 billion in available revenue for the Legislature to spend on state programs for the fiscal year that begins July 1. That amount is more than $188 million less than the Legislature appropriated on state services last year, and $17 million less than was projected in December. Finance officials say the main reason for the sharp decline since December is a decrease in the estimate on corporate income tax collections, and Fallin asked two state finance officials to develop recommendations for better estimating those figures.
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