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House Speaker Comments on October Collections; Warns state could face billion dollar shortfall
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11/10/2009 2:40:00 PM
CONTACT:
Jennifer Monies, Press Secretary
Oklahoma House of Representatives
Office of House Speaker Chris Benge
Office: 405-962-7679
Email: jenniferm@okhouse.gov
OKLAHOMA CITY (Nov. 10 2009) – "Our budget leaders are currently trying to determine the likely size of our state’s revenue shortfall for the current fiscal year, which is complicated by not yet knowing the revenue estimate for fiscal year 2011. We are working together in good faith to address the revenue hole as soon as possible in a fiscally prudent way," said House Speaker Chris Benge, R-Tulsa.
"While there are no good options available, the current practice of transferring dollars from other funds will inevitably make for more difficult decisions in the months ahead. For now, I strongly urge all state agencies to look at ways to save every dollar possible while also looking for additional areas to cut so any further reductions are less painful down the road.
"There is nothing to indicate a reversal in our state’s economic trend anytime soon, which means we must be realistic as we work to ensure a balanced budget for this fiscal year. If the current trend continues, our state could be looking at as much as a billion dollar shortfall to overcome, which means further cuts must be considered now, coupled with usage of funds from the state’s Rainy Day account. Being proactive now will give us the flexibility to adjust funding levels with supplemental dollars if our economy recovers quicker than expected. But, in the meantime, I think we need to prepare for the worst, batten down the hatches and ride out this economic storm together," Benge concluded.
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