State will have less to spend, it appears.
The Board of Equalization has determined $6,958,045,775 in revenue is available for the governor to use in the FY 2015 executive budget proposal.
Due to a variety of mostly noneconomic factors reducing state revenues, that amount is $88.8 million, or 1.3 percent, less than what the board last December determined as available for the governor’s FY 14 executive budget, and $170.8 million, or 2.4 percent, less than the $7.1 billion legislatively-approved FY 14 state budget.
“Barring a big revenue increase, it looks like the next state budget will be slightly smaller than this year’s or flat. Agencies should be realistic and prepare now for the potential of reduced or flat budgets,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger.
Under state law, Gov. Mary Fallin, the seven-member board’s chairwoman, must use the figure certified Thursday for the executive budget she will present to the Legislature on Feb. 3.
The board will meet again in late February to make a second estimate that will be used in negotiations between the governor and legislators to determine appropriations levels for state agencies for FY 15, which begins July 1, 2014.