Oklahoma Expects $167 Million Budget Gap For Upcoming Fiscal Year

Feb 22, 2018

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Oklahoma’s seemingly endless budget woes continue.

As KFOR reports, the state is facing down a potential $167 million budget shortfall for the 2019 fiscal year. However, that number is a marked improvement over the $900 million budget gap for the current fiscal year, or the $1.3 billion the year prior.

Gov. Mary Fallin seemed optimistic.

“[The budget is] still not where we want it to be,” she said, “but we have had new revenue growth because of previous legislation that has been passed with those legacy wells, closing some of the exemptions on oil and gas companies, or even a car sales tax.”

The new number isn’t set in stone, as lawmakers will continue to work on the current budget during the second special session, which is now underway.

Legislators are still picking up the pieces after an optimistic budget failed on the floor of the State House last week.

As a result, the Oklahoma Senate is today expected to slash state agency budgets by $45 million.

The next fiscal year will begin on July 1.