Wednesday, December 19, 2018
OKLAHOMA CITY – Governor Mary Fallin today issued the following statement after the state Board of Equalization certified an estimate indicating lawmakers will have an extra $612 million to spend in the 2020 fiscal year, which begins July 1:
“This is excellent news for the state of Oklahoma. The actions taken at the Capitol the last two years established a much more stable financial position for our state. Lawmakers approving this year’s historic revenue package and our depositing $381 million into the state’s Rainy Day Fund, combined with our state’s improving economy, are helping our economic outlook. And based on current trends, our state could see another significant Rainy Day Fund deposit next year. Thanks to structural changes implemented the past couple years, our budget is a much more fiscally prudent product. For example, no one-time funds are being used for ongoing expenses.
“I truly believe the future of our state is bright, with a low unemployment rate of 3.4 percent and $451 million in the Rainy Day Fund. The next administration and Legislature will have the resources to address many of the state’s priorities and to ensure core services are adequately funded as well as take our state to the next level. However, as a word of caution, even though the energy sector is performing better, the price of a barrel of oil is still fluctuating and it will be important to save the Rainy Day Fund for its intended purpose of emergencies only.”
The Board of Equalization will return in February to certify a final estimate on how much lawmakers will have to spend in the upcoming legislative session.