The Oklahoma Board of Equalization (BOE) declared a revenue failure after a receiving a shortfall in collections of $34.6 million for the current Fiscal Year – 2017 state budget, which went into effect on July 1, 2016.
The Board of Equalization officially certified $4,925,502,659 in available revenues for the Legislature to appropriate for the Fiscal Year – 2018 state budget.
“Today’s certification by the Board of Equalization hasn’t taken House Republicans by surprise,” said House Speaker Charles A. McCall, R-Atoka. “We have been preparing to deal with another budget gap since the end of the 2016 legislative session and started discussing possible solutions months ago.
The revenue failure reflects an actual revenue shortfall of 0.7 percent of last year’s estimate and will require state agencies to adjust their current budgets accordingly.
These situations evolve, and it would be unproductive to rush to conclusions. Last year, overly cautious cuts based on declarations of revenue failure resulted in $140.8 million in excess funds that were returned to our state agencies.