Panel Cautiously Approves Revenue Available For Lawmakers

OKLAHOMA CITY (AP) -- A panel of the state's top elected leaders gave initial approval to the amount of money lawmakers will have to spend in the fiscal year that begins July 1st.<br/><br/>But some

Wednesday, December 27th 2006, 3:55 pm

By: News On 6

OKLAHOMA CITY (AP) -- A panel of the state's top elected leaders gave initial approval to the amount of money lawmakers will have to spend in the fiscal year that begins July 1st.

But some worried that revenues from natural gas may not meet expectations.

Governor Brad Henry and Treasurer Scott Meacham both expressed concern that the price of natural gas used to calculate revenue projections was much higher than the current price.

Under the current estimate, the gross production tax on natural gas is expected to generate more than $674-million for Fiscal Year 2008.

But Meacham said that number could easily trend downward. And both Meacham and Henry said the success of the oil and gas industry is linked to a host of other revenue streams.