, Muskogee, OK

December 19, 2012

Early estimate shows $214M boost in state revenue

Associated Press

— OKLAHOMA CITY (AP) — Early projections show Oklahoma lawmakers will have about $214 million more than last year to spend on next year's state budget, despite huge reductions in oil and gas tax revenue.

Secretary of Finance Preston Doerflinger said Wednesday the State Board of Equalization is expected to certify about $7 billion in revenue that Gov. Mary Fallin will use to build her executive budget for the coming fiscal year. The board is expected to certify that amount during its regular meeting Thursday, then meet again in February for a final certification.

The increase of about 3.1 percent over last year's spending comes despite a major reduction in revenues from the production of oil and natural gas. Much of that reduction is due to recently enacted drilling tax credits.