State Issues

Current State Funds: 

It is currently estimated that the state will have a shortfall of around $900 million for the 2010 fiscal year beginning in July. The Oklahoma Tax Commission has approved an estimate that shows the shortfall to be around $600 million. Since then, revisions show another $300 million loss in revenues.

There has been no determination of using the state's Rainy Day fund which is about $600 million. This is supposed to be due to a downturn in energy prices.

Representative Ron Peters (R Tulsa)  believe that budget cuts, federal economic stimulus money and the use of the Rainy Day Fund will be required to balance the budget.

It is interesting to note here that much of the problem is tax expenditures that are not limited, not tied to or capped by revenue. This amounts to "entitlements" on many of the state's programs that provide funds to different programs.

It would seem that limiting programs that are not tied to the state budget would be a reasonable pursuit for the Congress.