OKLAHOMA CITY (AP) — Facing a historic $1.3 billion hole in the budget at the start of the year, the state Legislature managed to close the gap through a combination of agency cuts, tax credit reforms, fee increases and the use of one-time funding sources, including bonds. But many characterized the 2016 legislative session that ended last week as one where Republican leaders failed to capitalize on an opportunity to bring in significant new revenue or make structural changes to how the state finances its operations. ___ OKLAHOMA'S BUDGET: Plummeting oil and gas prices, exacerbated by years of tax cuts and generous corporate subsidies, shriveled state revenue collections and forced two separate, across-the-board cuts to state agency budgets totaling about 7 percent just as the legislative session began. The final $6.8 billion spending plan, which didn't emerge until the final week of session, covered roughly $970 million of a $1.3 billion projected budget shortfall for the next fiscal year, which begins July 1.Read more on NewsOK.com
Comment on Oklahoma Legislature closes $1.3B gap, finishes 2016 session
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Sat, 05/28/2016 - 7:33am
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