Rep. Kris Steele, R-Shawnee, said Oklahoma could face a revenue shortfall of $565 million when the Legislature convenes in early 2011 to prepare the fiscal 2012 budget.

Steele, who will become speaker of the House with the 2011 session, said the forecast came from a legislative fiscal analyst who briefed Republican representatives in a closed meeting last week.

The Oklahoma Tax Commission will make an official revenue prediction in December that will be the basis of the fiscal 2012 budget to be proposed by a governor. State law allows lawmakers to appropriate no more than 95% of estimated revenue.

Steele said it was too early to determine how the Legislature will deal with the shortfall.

Treasurer Scott Meacham disagreed with the prediction for lower revenue, saying it was too early in the fiscal year to make an accurate estimate.

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