State Board of Equalization approves revenue increase
Monday, December 27th 2004, 2:43 pm
News On 6
OKLAHOMA CITY (AP) -- A state board says Oklahoma lawmakers will have at least $370-million more to appropriate next year than they did this year.
The state Board of Equalization set preliminary revenue projections for fiscal year 2006 Monday. The projections are 6.8% more than was authorized for the current fiscal year.
Funds available for expenditure next year total $5.8-billion. Major revenue growth areas include increased natural gas gross production taxes, individual income tax collections and corporate income taxes.
Officials say the increased revenue should be enough to close a revenue gap created by promised teacher and state employee pay hikes.
The board plans to make its final revenue certification in February.