BOE approves $5.8B for appropriations
FY 2017 budget hole projected at $1.3B
OKLAHOMA CITY — The
appropriated budget hole for Fiscal Year 2017 will be $1.3 billion.
The
Board of Equalization on Tuesday certified $5,851,664,555 in revenues for FY
2017 appropriations, which is $1.1 billion, or 15.9 percent, less than was
appropriated for FY 2016.
The
true budget hole the Legislature will face is larger than what the board certified
Tuesday. By law, $150 million in FY 2016 Rainy Day Fund appropriations and $77.5
million in FY 2016 revolving fund authorizations are not factored into the FY
2016 baseline amount used by the board. With
those factors considered, there will be $1.3 billion, or 19.1 percent, less to
appropriate for FY 2017.
The
board also projected FY 2016 General Revenue Fund collections to be $549.2
million, or 9.6 percent, below the official estimate upon which the FY 2016
appropriated state budget is based.
Oklahoma state
government builds a five percent cushion into every appropriated state budget
to prevent mandatory budget reductions if revenues fall below the official
estimate. If revenues are projected to fall more than five percent below the
estimate for the remainder of the fiscal year, a revenue failure is declared
and mandatory appropriation reductions must occur to maintain a balanced
budget.
OMES
declared a revenue failure in December and reduced monthly general revenue
allocations to agencies by three percent beginning in January. A deepened
reduction to general revenue allocations will be made beginning in March. The
precise amount will be determined in early March after February revenue collections are
received.
The
Board of Equalization packet is available on the OMES website: https://www.ok.gov/OSF/documents/boe02162016.pdf
Media Contact
JOHN ESTUS
Director of Public Affairs
(405) 521-3097 | john.estus@omes.ok.gov
 About the Office of Management and Enterprise Services
The Office of Management and Enterprise Services
provides financial, property, purchasing, human resources and
information technology services to all state agencies, and assists the
Governor’s Office on budgetary policy matters. Our mission: Supporting our partners through unified business services. For more information, visit OMES.OK.gov.
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