The Norman Transcript

February 18, 2014

Okla. Legislature to have $188M less to spend

Associated Press
The Associated Press

OKLAHOMA CITY — 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 Gov. 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 members of the board to develop recommendations for better estimating those figures.