Articles
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Budget & Tax
Oklahoma’s 2020 shortfall hits $416 million
Governor Kevin Stitt announced today that state government faces a $416 million shortfall for the current budget year, which ends June 30. That’s substantially more than publicly reported figures had indicated only days earlier.Ray Carter | April 3, 2020
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Budget & Tax
Lawmakers to reconvene to consider health emergency
An executive order issued by Gov. Kevin Stitt, which declares the existence of a “health emergency in the State of Oklahoma” caused by the COVID-19 virus, also requires lawmakers to return to the Capitol on Monday, April 6, to meet in a special legislative session.Ray Carter | April 2, 2020
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Budget & Tax
COVID-19 and Oklahoma state pension plans
Increased retirement costs from a COLA increase, coupled with the sharp decline in the stock market, may put Oklahoma state pensions at risk.Curtis Shelton | April 2, 2020
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Budget & Tax, Economy
Lankford: Federal bill for stabilization, not stimulus
In 2009, as the Great Recession roiled the economy, Congress responded with an enormous “stimulus” package that supporters claimed would reignite economic growth. However, the $2 trillion legislation recently passed by Congress has more modest goals, according to U.S. Sen. James Lankford.Ray Carter | April 1, 2020
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Budget & Tax
Senate leader: State budget was in trouble before virus
When the State Board of Equalization approved the revenue estimates used by lawmakers for budget writing, the state faced a shortfall of $85 million. Things have gotten much worse since that February meeting due to the COVID-19/coronavirus event, but Senate President Pro Tempore Greg Treat said the budget’s downward spiral preceded even the virus outbreak.Ray Carter | March 26, 2020
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Budget & Tax
Oklahoma budget shortfall looms
The total decline for the 2021 state budget could approach $600 million. And that doesn’t appear to account for new spending mandated by Medicaid expansion, which could cost up to $374 million annually.Ray Carter | March 20, 2020
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Budget & Tax, Education
Senate votes to use marijuana tax for school buildings
The Oklahoma Senate has narrowly approved legislation that would use marijuana taxes to fund building repair and construction in school districts with very little local property tax funding.Ray Carter | March 10, 2020
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Budget & Tax, Education
Unfunded retirement bill wins House approval
Legislation that increases state payments to retired government workers, but does not include a direct funding source, has passed the Oklahoma House of Representatives without opposition on a 99-0 vote. The measure is expected to boost the state’s unfunded liability by $800 million to $900 million.Ray Carter | March 10, 2020
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Budget & Tax
OKPLAC opposes aid for teachers, school security, adoption
In an email sent to Oklahoma lawmakers this month and later posted online, the Oklahoma Parent Legislative Action Committee (OKPLAC) has urged legislators to kill numerous tax-break measures, including bills that would reduce teachers’ out-of-pocket health insurance costs, improve school security, and support adoption.Ray Carter | March 10, 2020
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Budget & Tax, Good Government
Lawmakers vote to increase state’s unfunded liability
House lawmakers have voted to increase benefit payments to some state government retirees, but have chosen not to provide an appropriation to fund the additional expense. Instead, lawmakers voted to raid pension system assets to cover the cost of the higher monthly payments, which will reduce the systems’ solvency, and they advanced the bill despite lacking any firm estimate of the associated cost.Ray Carter | February 28, 2020