Board of Equalization Approves FY2015 Budget
State leaders are getting their first look at collection estimates to put together a budget for the upcoming legislative session.
While there’s a shortfall of more than $170 million it could have been much worse if not for a recent state Supreme Court decision.
Earlier this week justices ruled a bill to cut the top income tax rate and repair the capitol was unconstitutional which puts about $120 million back in state coffers.
Governor Fallin says despite the shortfall and a flat budget for agencies, she isn’t completely ruling out another tax cut bill this next session.
“We’ll have another round of number that will be projected and certified with the Board of Equalization in February and that will give us a better idea as to where we are as a state, but in general principal we still believe it’s important to keep our taxes low in Oklahoma.”
As for repairs to the capitol, Fallin says she supports the possibility of a bond issue which received backlash from the House of Representative this past session.
The Board of Equalization on Thursday approved about $7 billion for the Governor to work with as she crafts her executive budget.