Governor reacts to Board of Equalization certification news

OKLAHOMA CITY – At their meeting this morning the State Board of Equalization certified an estimate that indicated lawmakers will have an extra $612 million to spend in the 2020 fiscal year, which begins July 1st.

“This is excellent news for the state of Oklahoma,” said Governor Fallin in a prepared release. “Lawmakers approving this year’s historic revenue package and our depositing $381 million into the state’s Rainy Day Fund, combined with our state’s improving economy, are helping our economic outlook.

“Based on current trends,” the governor added, “Our state could see another significant Rainy Day Fund deposit next year. Thanks to structural changes implemented the past couple years, our budget is a much more fiscally prudent product.”

“However, as a word of caution, even though the energy sector is performing better, the price of a barrel of oil is still fluctuating and it will be important to save the Rainy Day Fund for its intended purpose of emergencies only.”

The Board of Equalization will next meet in February to certify a final estimate of how much lawmakers will have to spend in the upcoming legislative session.