The Legislative season started early, when in December of 2015 the State declared a revenue failure for the, then current, FY’16 with a projected revenue shortfall of $157M. All agencies took an 3% reduction in funds previously appropriated for FY’16 operations. The bad news didn’t stop there as it was revealed that the State was facing a $900M budget shortfall for FY ’17. As the session progressed, the shortfall grew to $1.3B. Below find some of the highlight of what did and didn’t happen.
Many proposals to raise money to off-set the budget shortfall that were viewed as NOT business friendly:
Governor Fallin has until Saturday, June 11th to sign bills passed the final week of session. All bills with no emergency clause and no effective date will take effect August 26, 2016.
Be reminded that the end of the Legislative Session marks the beginning of campaign season. We will continue to keep you apprised.