Oklahoma panel led by Fallin certifies $1.1 billion hole

OKLAHOMA CITY (AP) – A state board led by Gov. Mary Fallin has certified the Oklahoma Legislature will have a budget hole next year of $1.1 billion, and the deficit will actually be closer to $1.3 billion once one-time funds are considered.

The State Board of Equalization met Tuesday to certify how much money will be available in the state’s General Revenue Fund for lawmakers to spend on the fiscal year that begins July 1.

Plunging revenue collections have widened the shortfall from the original projection of $900 million in December.

Since then, state finance officials say collections from every major source of tax revenue have decreased, with the exception of a slight boost in gross production tax on natural gas.

Next fiscal year’s budget is based on projecting oil at $40.29 per barrel.