No Revenue Failure Declared after Equalization Board Meeting Abruptly Postponed
Oklahoma leaders did not declare a revenue failure on Monday after suddenly postponing a special meeting of the State Board of Equalization.
That came after lawmakers advanced bills to tap state savings accounts for an amount that would cover the anticipated $416.8 million shortfall. House Appropriations Chair Kevin Wallace (R-Wellston) said their solution drew from the Rainy Day and Revenue Stabilization funds.
"Whatever the failure might be, as it comes in, they’ll be able to appropriate the money in the same percentage as the the failure and backfill it, protect all the agencies and the school funds — 1017 , there’s a couple other technology funds, small funds that will really keep education whole and all agencies whole for [fiscal year 2020]," Wallace said.
Budget Secretary Mike Mazzei came on a videoconference shortly after the equalization board's scheduled start time to announce their meeting was postponed, citing "technical issues with the legislation that passed this morning here at the capitol."
"I’m very sorry for the inconvenience. We will be announcing a new day and time soon," Mazzei said.
The bills lawmakers passed did not protect funding for Gov. Kevin Stitt’s digital transformation efforts.