State Revenue Estimate Drops
Friday, February 16th 2007, 6:26 am
By: News On 6
OKLAHOMA CITY (AP) _ The Oklahoma Tax Commission says state revenue will be $255 million less next year than earlier estimates, placing a possible snag in some of Governor Brad Henry's proposed budget programs.
The commission revised its revenue estimate downward Thursday, just five days before the Board of Equalization is scheduled to meet on Tuesday to certify legislative appropriation authority for the fiscal year that begins July 1st.
A spokesman for Henry says the revised revenue estimate will not change the governor's budget priorities.
Legislative leaders urged caution as lawmakers develop a state budget.
Senate President Pro tem Mike Morgan says sustained economic growth over the past two years allowed lawmakers to invest in education and health care and cut taxes.
Morgan says lawmakers must make certain to meet the obligations they've created.
Republican lawmakers urged Henry to revise his budget and scrap spending programs.