OKLAHOMA CITY (AP) — A state panel led by Oklahoma Gov. Mary Fallin has formally certified an estimated $900 million hole in the state budget for the upcoming fiscal year.
The Oklahoma State Board of Equalization also was informed Monday by state finance officials of a revenue failure for the current fiscal year that will require cuts to state agency budgets.
Fallin's Secretary of Finance, Preston Doerflinger, says budget cuts to schools, health care and public safety should range from 2 to 4 percent for the second half of the current fiscal year.
Fallin says she will encourage lawmakers to consider scaling back hundreds of millions of dollars' worth of tax breaks and incentives, as well as off-the-top money that's diverted directly to areas such as education and transportation.