Post by pavel on Jan 20, 2016 23:33:07 GMT -6
OKLAHOMA CITY — Lawmakers are concerned that a spiraling drop in oil prices could result in a second revenue failure for the current fiscal year.
A number of scenarios to deal with it are under discussion, including additional cuts in general revenue to state appropriated agencies, House Appropriations and Budget Committee Chairman Earl Sears, R-Bartlesville, confirmed Wednesday.
“If oil continues to drop, I feel there will be another revenue failure for 2016,” Sears said in response to questions about the budget.
The regular session begins Feb. 1, when lawmakers will craft a fiscal year 2017 budget. That budget is expected to be at least $900.8 million less than the current fiscal year budget.
Read more: www.tulsaworld.com/news/state/lawmakers-fear-second-revenue-failure-for-current-fiscal-year/article_679ac52a-1655-591b-b554-e236437302db.html
A number of scenarios to deal with it are under discussion, including additional cuts in general revenue to state appropriated agencies, House Appropriations and Budget Committee Chairman Earl Sears, R-Bartlesville, confirmed Wednesday.
“If oil continues to drop, I feel there will be another revenue failure for 2016,” Sears said in response to questions about the budget.
The regular session begins Feb. 1, when lawmakers will craft a fiscal year 2017 budget. That budget is expected to be at least $900.8 million less than the current fiscal year budget.
Read more: www.tulsaworld.com/news/state/lawmakers-fear-second-revenue-failure-for-current-fiscal-year/article_679ac52a-1655-591b-b554-e236437302db.html