Legislature reaches Fiscal Year 2021 budget agreement
OKLAHOMA CITY – Legislative leaders announced a Fiscal Year 2021 state budget agreement Monday designed to hold education funding harmless while limiting most budget reductions to 4% or less amid the COVID-19 pandemic.
“This is a far better budget than many expected and that should come as a relief to the citizens who rely on core services and the agencies that serve them, given the effect of both depressed oil and gas prices and the pandemic on state revenues,” said Senate President Pro Tempore Greg Treat, R-Oklahoma City. “We successfully avoided the catastrophic cuts some had feared, and I thank the budget chairs and their committees for their hard work and leadership during this difficult time.”
Under the agreement, most of the $1.4 billion, or 17%, revenue hole Gov. Kevin Stitt projected last month is filled by using reserve funds, cutting one-time spending, temporarily redirecting non-appropriated money into the budget, and agency appropriation reductions of 4% or less in most cases.
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from MuskogeePolitico.com
