Secretary of Finance, Administration and Information Technology Preston Doerflinger warned Thursday that next fiscal year’s state appropriated budget will be flat.
Doerflinger’s comments came in his monthly General Revenue Fund report. The report showed General Revenue Fund (GRF) collections in October totaled $471.6 million. That was $3.4 million, or 0.7 percent, above the official estimate upon which the FY2015 appropriated state budget is based and $23.3 million, or 5.2 percent, above prior year collections.
Two House members have requested interim studies that would examine Oklahoma’s revenue streams.
The requests come after Gov. Mary Fallin and her top budget advisor, Secretary of Finance, Administration and Information Services Preston Doerflinger, who serves as the governor’s top budget advisor, began stressing in December the impact allocation of state revenues to specific purposes has on General Revenue Fund collections.
Oklahoma's state treasurer says collections from the state's major revenue sources indicate the state's economy remains strong.
Treasurer Ken Miller released his office's revenue report for the month of May on Tuesday. It shows gross collections for the month are almost 2 percent ahead of the same month last year. Receipts for the past 12 months are more than 3 percent higher than the previous 12 months.
Oklahoma Treasurer Ken Miller is warning state policymakers that a reduction in Kansas' bond rating should serve as a "wake-up call" that a potential downgrade could happen in Oklahoma, despite the state's growing economy.
State finance officials say collections to Oklahoma government's main operating fund improved in January, lessening the chance that mandatory budget cuts will be ordered for the current fiscal year.
Figures released Tuesday by the Office of Management and Enterprise Services show January collections to the General Revenue Fund totaled $610 million. That amount is 6.5 percent above the official estimate used to build the current year's state budget.