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FY 2017 budget hole projected at $1.3B

OKLAHOMA CITY — The appropriated budget hole for Fiscal Year 2017 will be $1.3 billion.

The Board of Equalization on Tuesday certified $5,851,664,555 in revenues for FY 2017 appropriations, which is $1.1 billion, or 15.9 percent, less than was appropriated for FY 2016.

The true budget hole the Legislature will face is larger than what the board certified Tuesday. By law, $150 million in FY 2016 Rainy Day Fund appropriations and $77.5 million in FY 2016 revolving fund authorizations are not factored into the FY 2016 baseline amount used by the board. With those factors considered, there will be $1.3 billion, or 19.1 percent, less to appropriate for FY 2017.

Board of Equalization meets Tuesday to update revenue certification

OKLAHOMA CITY — The appropriated budget hole for Fiscal Year 2017 is expected to grow to $1.3 billion next week.

Preliminary, unverified estimates show the Board of Equalization on Tuesday will consider certifying $5,851,664,555 in revenues for FY 2017 appropriations, which is $1.1 billion, or 15.9 percent, less than was appropriated for FY 2016. The board in December projected a budget hole of $900.8 million, or 12.9 percent.

Deeper midyear reductions necessary

OKLAHOMA CITY — General Revenue Fund (GRF) collections continued tumbling in January, missing the estimate by 17.2 percent and the prior year by 16.2 percent, as the effects of low oil prices became more pronounced.

As state government’s main operating fund, the GRF is the key indicator of state government’s fiscal status and the predominant funding source for the annual appropriated state budget. GRF collections are revenues that remain for the appropriated state budget after rebates, refunds and mandatory apportionments. Gross collections, reported by the State Treasurer, are all revenues collected by the state before rebates, refunds and mandatory apportionments.

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