Governor Kevin Stitt today issued the following statement after the state Board of Equalization certified an estimate indicating lawmakers will have $8.3 billion to build a budget for the 2021 fiscal year, which begins July 1, 2020.
“Oklahoma’s state revenues are beginning to plateau after losing more than 60% of oil and gas drilling activity since this time last year. The fiscal discipline displayed in the FY’20 budget, by setting aside an extra $200 million to achieve $1 billion in savings, is already proving its value in protecting core public services and strengthening the state’s credit rating. Despite these changes in revenue collections, the State of Oklahoma remains on strong footing. It is critical we protect it by demonstrating fiscal restraint and efficiency in the FY’21 budget process and by continuing to advance policies that encourage job creation and economic diversity.”
During the meeting, Stitt gave attention to a one-time cash source of $310 million as part of the spending authority estimate. Without this one time source, the revenue projection for FY’21 would be 3.7 percent less than FY’20.
The Board of Equalization will return in February to certify a final estimate on how much lawmakers will have to build a budget during the upcoming legislative session.