Oklahoma budget hole eyed at $900 million; cuts coming soon

Due to tax cuts, money available to repair Oklahoma state office buildings has dried up. (AP Photo/Sue Ogrocki)

Oklahoma City (AP) — Oklahoma budget officials project the hole in next year's state budget to be about $900 million, and that dwindling revenue collections this year will force mid-year cuts to current agency appropriations.

Oklahoma's Secretary of Finance Preston Doerflinger released figures Tuesday that show a state panel led by the governor will have nearly 13 percent less revenue to certify for the Legislature to spend than they did for the current fiscal year.

The Oklahoma Board of Equalization is expected to approve the revenue estimates at its regular meeting next week.

Most of the decline is attributable to dwindling oil and natural gas prices and the decline's impact on the economy, as well as tax incentives for the industry.

The mid-year cuts to agency budgets are expected to start next month.

By Sean Murphy, Associated Press. Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Gayly – December 15, 2015 @ 5:30 p.m.