Post by Logan on Jun 21, 2016 19:36:47 GMT -6
Oklahoma legislators could call special session to distribute budget surplus
If trends hold and Oklahoma ends the fiscal year with a $100 million budget surplus, two main scenarios have emerged for how the money would be allocated.
"If funds are available to return, Oklahoma Management and Enterprise Services can return funds equally to all agencies, or the Legislature and governor can allocate funds at their discretion via a special legislative session," OMES Director Preston Doerflinger said Monday.
Shelly Paulk, deputy budget director, said the general revenue fund surplus stands at $166.6 million through 11 months and that even assuming revenue declines in June, a surplus topping $100 million is likely.
State officials made across-the-board spending cuts of 3 percent in December and 4 percent in March because revenues weren't keeping up with expenditures amid the oil industry decline. The surplus occurred because the March cut was apparently larger than needed.
Read more: swtimes.com/legislature/oklahoma-legislators-could-call-special-session-distribute-budget-surplus
If trends hold and Oklahoma ends the fiscal year with a $100 million budget surplus, two main scenarios have emerged for how the money would be allocated.
"If funds are available to return, Oklahoma Management and Enterprise Services can return funds equally to all agencies, or the Legislature and governor can allocate funds at their discretion via a special legislative session," OMES Director Preston Doerflinger said Monday.
Shelly Paulk, deputy budget director, said the general revenue fund surplus stands at $166.6 million through 11 months and that even assuming revenue declines in June, a surplus topping $100 million is likely.
State officials made across-the-board spending cuts of 3 percent in December and 4 percent in March because revenues weren't keeping up with expenditures amid the oil industry decline. The surplus occurred because the March cut was apparently larger than needed.
Read more: swtimes.com/legislature/oklahoma-legislators-could-call-special-session-distribute-budget-surplus