Oklahoma

State revenues in June topped $1 billion, Oklahoma Treasurer Ken Miller announced last week, up $134.5 million from June 2010.

The Oklahoma City suburb of Norman has created a rainy-day fund that sets a target of 4.5% of general fund expenditures.

DALLAS — The Oklahoma Supreme Court declined Monday to hear arguments in a lawsuit contending that the use of $101.7 million of highway tax revenues to balance the state’s fiscal 2012 budget was unconstitutional.

Strong revenues over the last few months will help put more than the expected $71 million into Oklahoma’s rainy-day fund, which now contains a total of $2.03.

DALLAS — The plan to balance Oklahoma's $6.5 billion budget with a diversion of highway tax revenues has been challenged as unconstitutional by an Oklahoma City attorney.

One of the last acts by the Oklahoma Legislature before it adjourned last week was the creation of a 10-member panel that will study state tax exemptions and exclusions and determine those that are no longer useful.

DALLAS — Steady growth in Oklahoma revenues over the past 12 months indicates the state is recovering from the Great Recession, Treasurer Ken Miller said at a news conference on Thursday.

Oklahoma Gov. Mary Fallin said last week time is running out on a proposal to provide $40 million of state revenue bonds for construction of an arts and entertainment museum in Tulsa.

DALLAS — The Oklahoma Legislature will begin considering a budget bill Thursday after Gov. Mary Fallin and fellow Republican leaders reached agreement on a $6.5 billion spending plan for fiscal 2012.

The Oklahoma Historical Society is asking the Legislature to approve $40 million of 20-year bonds to build a music and popular culture museum in Tulsa’s Brady Arts District, along with a parking garage.

Oklahoma agencies may see their budgets cut next year by 7% or more rather than the less-severe cuts sought earlier as lawmakers and Gov. Mary Fallin continue to negotiate the fiscal 2012 budget.

DALLAS — Retail and institutional investors alike were attracted to the Oklahoma Water Resources Board’s negotiated $142.9 million revenue bond sale on Tuesday and Wednesday.

Oklahoma’s highest income-tax rate will drop to 5.25% from 5.5% on Jan. 2, 2012, after the Board of Equalization determined last week that revenues will be 4.4% higher next year than in fiscal 2011.

Oklahoma's cumulative $16.5 billion of unfunded pension liabilities is unsustainable and could damage the state's bond ratings, Treasurer Ken Miller said Tuesday.

DALLAS — Oklahoma Gov. Mary Fallin used her first state of the state address to lawmakers on Monday to propose a $6.33 billion budget for fiscal 2012 that covers an expected $600 million shortfall next year.

DALLAS — The Oklahoma budget- stabilization fund has been so depleted that it’s no longer enough to cover the cost of a cup of coffee at most restaurants, let alone help balance the state budget.

DALLAS — Oklahoma general fund revenues came in higher than expected in December, with sales tax collections ­leading the way.

DALLAS — Oklahoma lawmakers and the new governor will face a tight revenue picture again this year when the 53rd Legislature convenes Feb. 7.

Oklahoma tax revenue collections were up more than 9% in November over last year, Treasurer Scott Meacham said last week, as the state's economy continues to rebound from the deepest recession since World War II.

The State Board of Equalization last week certified a state general fund revenue estimate of $5.2 billion in fiscal 2012, which would give lawmakers $4.9 billion to appropriate next year.