Equalization Board Finalizes Shortfall: $611.3 Million
Oklahoma officials say all options are on the table to close king-size budget gap
by Rick Green
Oklahomans will receive an income tax cut Jan. 1 even though the state is facing a $611.3 million budget shortfall, leaders said Tuesday after a board confirmed an oil industry downturn has blown a hole in state revenue projections.
Everything else apparently will be on the table — from state travel to stress balls — as officials try to close the gap.
State Finance Secretary Preston Doerflinger compared the predicament to one faced by scientists in the “Apollo 13” movie as they looked through a box of items to determine what could be used to bring the damaged spacecraft home safely.
“We’ve got the box of stuff and it includes budget cuts, includes looking at off-the-top apportionment and it includes the Rainy Day Fund,” he said. “That is where we are at.”