State Senate Pres. Pro Tempore Mike Schulz issued the following statement after Tuesday’s vote by the State Board of Equalization certifying there would be a $878 million shortfall in the coming fiscal year, and declaring a revenue failure in the current fiscal year.
“The budget picture didn’t get any brighter today, but that’s not all that surprising considering the lingering effects of huge slumps in the energy sector and agriculture sector – the two main drivers of Oklahoma’s economy. We already knew crafting a balanced budget this year would be tough and that didn’t change with the news that the budget shortfall has grown. In the face of another budget shortfall, the Senate understands all options are on the table to deal with these challenges. However, it’s important to make sure we don’t overlook solutions like tax incentive reform, apportionment reform, and pursuing agency efficiencies that when combined will provide short-term relief and long-term budget stability.” —Senate Pres. Pro Tempore Mike Schulz, R-Altus.