Economic Recovery Adds More to State Coffers
The State Equalization Board approves a nearly $7 billion estimate for the upcoming fiscal year and about $214 million more than last year for Governor Fallin’s executive budget.
Fallin says while it’s nice to see an increase in revenue for the state there remains a looming challenge.
“We’re excited that we do have extra money and growth in our revenue for our state, but we also have a caution about us in light that we don’t know what Washington is going to be doing between now and the fiscal cliff which is January Second.”
The Equalization Board also approved an extra $78 million for education because of increased revenue.
Fallin says she might still consider cuts to personal income taxes, but not as much as she proposed last year and tied more to growth in the economy.
The Equalization Board will meet again in February to certify another estimate which will be used by lawmakers to create the state’s appropriations.