Oklahoma’s expected revenue shortfall in fiscal 2012 was reduced by $100 million last week when the state tax commission certified an upwardly revised revenue estimate.
The estimate, which was previously set at $600 million, was increased by $146 million, with $100 million going into the general fund.
The budget for fiscal 2011 is currently $6.7 billion, but in December, the Board of Equalization said lawmakers would have $6.1 billion to appropriate in fiscal 2012.
The board will meet this week to review the new estimate.
If board members accept it, state lawmakers would be able to appropriate the additional $100 million in fiscal 2012.
The upward revision is the result of increases in individual income tax payments and severance taxes due to higher prices for Oklahoma oil and gas.
“I think we’re looking at a recovery,” commission economist Reece Womack told the tax panel. However, “it may be a little more modest than people would like.”
