BOE approves $6.9B for appropriations
Revenues represent 2.6% reduction from current fiscal year
OKLAHOMA CITY — Revenue figures approved Tuesday by the state Board of
Equalization showed $17.7 million less available for appropriations for Fiscal
Year 2015 than was available for the governor’s executive budget proposal.
The
seven-member board, chaired by Gov. Mary Fallin, approved $6,940,352,735 in
revenues available for discretionary appropriations for FY 15, which is $188.5
million or 2.6 percent less than was appropriated for FY 14, the current fiscal
year ending June 30.
All
major tax categories showed growth between the board’s December meeting and its
February meeting except corporate income tax, which fell $45.7 million or 10.9
percent. The decrease in revenues available for appropriations was caused by the
corporate income tax decline and the ongoing trend of less revenue reaching the
General Revenue Fund for discretionary appropriations despite gross tax
receipts to the state treasury reaching all-time highs.
Secretary
of Finance, Administration and Information Technology Preston L. Doerflinger
issued the following statement:
“It’s
a classic ‘only-in-government’ paradox to collect more money than ever but have
less to spend. The silver lining is this year’s decrease has nothing to do with
the economy, which is still strong in the state and improving nationally. The
decrease was caused by various general revenue diversions and anomalies in the always
volatile corporate income tax area.”
Doerflinger
added: "There is no rule that government spending has to increase every
year, and this year it clearly won’t. We’re basically back at FY 13
discretionary spending levels, which is perfectly manageable. Last time I checked,
the skies didn’t fall and the seas didn’t boil in FY 13 when the state had
about this much to spend. A 2.6 percent drop is no cause for panic. The
governor will work with the Legislature to prioritize spending, find efficiencies
and tap unused resources – like revolving funds – to maintain adequate services
and even improve services in some areas.”
Doerflinger
is director of the Office of Management and Enterprise Services, which prepares
the revenue estimates the Board of Equalization certifies each year.
The Board of Equalization's revenue certification packet is available on the OMES website: http://www.ok.gov/OSF/documents/boe02182014.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: To lead, support, and serve. For more information, visit OMES.OK.gov.
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