OKLAHOMA CITY, Okla. - Quick facts:
- Governor Mary Fallin signed the budget bill for Fiscal Year 2018 into law Wednesday.
- The 2018 fiscal year appropriated budget will be $6,830,177,825. It is $37,782,641, or 0.55 percent less than the revised fiscal year 2017 appropriated budget, which includes supplementals and the revenue failure, according to Fallin's office.
- The move comes after a special session, during which lawmakers worked to come up with a deal to send to the governor.
- FOX23 reported that many state agencies will see cuts.
“Developing a budget in this difficult fiscal and political climate is never easy,” said Fallin. “This plan keeps our government from shutting down and, despite challenging circumstances, funds our core mission services. We worked hard to protect key core services – common education, health and human services and public safety. This budget minimizes cuts and puts some recurring revenue on the table. It repeals certain exemptions in the sales tax code.
“It also modifies the incentives on the gross production tax from 1 percent to 4 percent on current producing wells that were drilled between July 1, 2011, and July 1, 2015,” the governor said. “That will provide about $92 million for the 2018 fiscal year budget. Various rebates for the oil and gas industry that cost the state about $46 million a year have been suspended next year. Of the $878 million shortfall facing lawmakers this session, about $140 million is being made up from the oil and gas industry.
“My top priorities remain strengthening education and workforce, reducing the state’s incarceration rates and improving health outcomes. Whether it’s improving public safety, fixing our roads and bridges, boosting education or raising our health outcomes and indicators, the successes of this session to protect core services in the midst of an energy crisis will help to make Oklahoma a better place to live, work and raise a family,” Fallin said.
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