Oklahoma

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.

Voters in Oklahoma County Independent School District No. 12 last week approved three bond proposals totaling $29.9 million.

A $191 million general obligation bond package proposed by Oklahoma County Independent School District No. 52 failed last week despite a majority of voters endorsing the bond package.

DALLAS — Higher-than-expected general fund collections in September pushed Oklahoma revenues 4% past the official estimate for the first quarter of fiscal 2011 and 6.8% higher than the first three months of fiscal 2010.

DALLAS — Oklahoma Gov. Brad Henry will serve as the honorary chairman of a group seeking to defeat a proposed constitutional amendment that would increase state funding of public education.

DALLAS — Oklahoma is preparing a list of highway projects that could get under way quickly if Congress approves President Obama’s proposed $50 billion infrastructure stimulus program.

A proposal by Logan County Independent School District No. 1 for $89.8 million of lease-revenue bonds was rejected last week by almost 78% of those voting.

Oklahoma tax revenues outpaced expectations in the first month of fiscal 2011, with $370.1 million in collections. The total is almost 10% better than July 2009 and almost 12% above the official state budget estimate.

The Oklahoma Transportation Commission last week approved the sale of $215 million of bonds to finance the next phase of the state's eight-year highway plan. The blueprint, which includes almost $4.3 billion of road and bridge work through 2018, is updated annually.

DALLAS — Oklahoma in fiscal 2010 experienced the worst revenue decline since the Great Depression, but Treasurer Scott Meacham is encouraged by the latest report on state tax collections.

DALLAS — Oklahoma investment banking veteran Chris Cochran has been named senior vice president and managing director for public finance at BOSC Inc., the broker-dealer subsidiary of BOK Financial Corp.

DALLAS — Oklahoma Gov. Brad Henry and Republican leaders in the Legislature reached an agreement late last week on a proposed $6.7 billion general fund budget for fiscal 2011 that relies on more than $1 billion of one-time money to cover a revenue shortfall estimated at $1.2 billion.

WASHINGTON — The Internal Revenue Service has closed its audit of $161.3 million of variable-rate demand student housing revenue bonds issued by the Payne County, Okla., Economic Development Authority in 2002 with no change to the tax-exempt status of the debt.