By AP
Oklahoma City, OK – Despite growth, Okla. budget challenges remain
OKLAHOMA CITY (AP) The oil and gas industry has helped Oklahoma's economy continue to rebound, and collections to the state's general fund are outpacing the previous year and official estimates.
But state finance officials warn that optimism over next year's budget should be tempered with the reality that nearly $500 million in one-time revenue was used to plug holes in the current state budget, and an income tax cut and an expiring tax moratorium still have to be paid for.
Office of State Finance director Preston Doerflinger says it's still early to be sure, but lawmakers could be dealing with a flat budget.
For the first four months of the fiscal year, general revenue fund collections totaled about $1.7 billion, or more than 10 percent above collections during the same time last year.