Oklahoma may have more to spend on budget than projected

OKLAHOMA CITY (AP) – A panel led by Gov. Kevin Stitt has determined Oklahoma lawmakers will have nearly $1.2 billion more to spend on the upcoming fiscal year budget than originally projected.

The Board of Equalization on Tuesday certified a total authorized spending level of $9.6 billion on the budget for the fiscal year that begins July 1.

That’s a major increase over the $8.4 billion that was projected in December.

State finance officials attribute the increase to higher-than-expected collections in taxes on oil, individual income and corporate income. Still, legislative leaders cautioned the state used a lot of one-time revenue last year that will need to be replaced.