State Officials Act On Lean Revenue Estimate
Thursday, December 27th 2007, 12:34 pm
By: News On 6
OKLAHOMA CITY (AP) _ Oklahoma lawmakers will have only $32 million in growth revenue to spend next year under revenue estimates certified by a state board headed by Governor Brad Henry. The Board of Equalization's official estimate of next year's tax collections will be updated in February after the state Legislature reconvenes.
Henry and state Treasurer Scott Meacham said they are concerned that estimates certified on Thursday, may be optimistic, based on a recent slowdown in the rate of income tax collections.
Meacham said he would not be surprised if the estimate declines in February, meaning state lawmakers will have even less to spend. He said the economy remains strong, but is not growing as fast as it has in recent years.
The amount of money available for such programs as education and highways has been reduced by cuts in the income tax.