Oklahoma Gov. Brad Henry said last week that a special session of the Legislature may be needed in January to implement his budget-balancing plan, which calls for more reliable revenue estimates, public hearings on spending cuts, and use of the state’s $599 million rainy-day fund.
Henry said the size and scope of budget cuts will be determined by the official revenue estimate next month by the State Board of Equalization, which will meet Dec. 21.
“While some are advocating deeper across-the-board cuts, I believe it’s critical to do our homework first and understand what will happen if we do,” Henry said. “Ultimately, I believe a targeted approach is the best with strategic, surgical cuts that protect priority areas. Deeper, across-the-board cuts will paralyze core services and jeopardize approximately $1.2 billion in stimulus funds in the process.”
General fund tax collections for the first four moths of fiscal 2010, which began July 1, are 24% less than expected and 28% less than in the same period of fiscal 2009.
Senate President pro tempore Glenn Coffee, R-Oklahoma City, said the budget situation must be resolved quickly.
“We can’t kick the can down the road to the next governor and Legislature,” he said.
