Mary Fallin

Oklahoma finance officials predict $868-million budget hole

Oklahoma finance officials predict $868-million budget hole

After two consecutive years of deep cuts to state programs, including public education, the Oklahoma Legislature will again be grappling with another budget hole, estimated to be about $868 million, or more than 12% of state spending, finance officials announced Tuesday.

State Secretary of Finance Preston Doerflinger, the governor's chief budget negotiator, released budget projections that show state revenue collections won't be enough to trigger a further cut in the state's individual income tax rate from 5% to 4.85%.

The shortfall means that unless the Legislature comes up with new sources of revenue, such as increased taxes, the state will have to make further cuts to...

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