Morgan Urges Caution on Budget In Light of Revised Revenue Figures

Statement by Senate President Pro Tempore Mike Morgan

“I believe, in light of the revised revenue estimates approved by the Oklahoma Tax Commission today, that caution should continue to be our watchword as we proceed in the budgeting process.”

“Over the last two years we have seen sustained economic growth and, as a result, have made great strides in our investments in education and health care and in lowering taxes for all Oklahomans.”

“It is incumbent upon us now to make certain that we can meet the obligations we have created and avoid recklessly rushing to over-extend ourselves in an uncertain future. No one knows exactly what these new revenue estimates are signaling, but given the cyclic nature of an energy-driven economy, it would be foolish to repeat the mistakes of the past.”

Note to editors: The Oklahoma Tax Commission revised down its Fiscal Year 2008 state revenue estimates by $255 million today. The State Board of Equalization will consider the tax commission’s estimates when it meets to certify revenue projects and set legislative appropriation authority on Tuesday, February 20.