Oklahoma will have $114 million less to spend in fiscal 2009 than it did in fiscal 2008, according to the latest revenue estimates certified last week by the State Equalization Board.
The board said in December 2007 that lawmakers would have only $32 million more to allocate next year, but a significant drop in corporate income tax collections lowered the latest estimate.
Gov. Brad Henry said he will continue to seek a $1,200 annual increase in teacher salaries and a 5% pay raise for state workers despite the lower revenue. He rejected a call to tap the state’s $571 million budget stabilization fund, but indicated budget cuts by some state agencies could be required.