OK GOV. KEVIN STITT'S TOP PRIORITY EXPECTED TO BE TAX CUTS IN STATE OF THE STATE ADDRESS
The Legislature also has another $1.4 billion stashed away in state savings accounts and $700 million that was appropriated last year to help lure a manufacturing facility to Oklahoma that didn’t materialize.
A panel led by Republican Oklahoma Gov. Kevin Stitt determined that there is $2 billion more in the state's budget than was reported last year, (AP Photo/Sue Ogrocki, File)
Despite the rosy financial projections, Republican state Sen. Roger Thompson, the chairman of the powerful Senate Appropriations Committee, warned that much of the additional revenue lawmakers have to spend, more than $1.3 billion, is one-time cash that wasn't spent last year. He said that revenue is non-recurring and should only be spent on one-time projects.
WISCONSIN GOVERNOR EVERS TO RELEASE 2023-25 EXECUTIVE BUDGET
Thompson also cautioned that the available revenue is based on projected collections and could end up being lower, particularly if oil and natural gas prices continue to fall. The price of crude oil has fallen from about $92 per barrel at the beginning of November to about $75 per barrel this week.
"We’ve got a warmer winter than had been anticipated ... and so I think natural gas will go down as well," said Thompson, of Okemah. "And those are our two big revenue drivers."