Oklahoma legislature reaches deal on investing in budget savings

Legislative leaders have agreed to boost state savings in a move that drew support from the oil and gas industry’s association in Oklahoma.

The Joint Committee on Appropriations and Budget gave a “do pass” recommendation to the full legislature for Senate Bill 1072 which will ensure the state’s Revenue Stabilization Fund.

“Because the state is significantly dependent on tax revenue from the oil and natural gas industry, finding ways to lessen the impact of price changes is imperative to ensure the state’s core services are adequately funded in economic downturns,” said Chad Warmington, President of OIPA-OKOGA.

He noted that the fund was created to protect the state budget from volatile changes in state revenue which is often driven by depressed oil and natural gas prices.

“The agreement between legislative leaders and the Governor ensures the state will be able to build ample reserve funding and the impact of reduced commodity prices is mitigated. Our lawmakers should be applauded for this common-sense approach to fiduciary stability,” said Warmington.

The State Senate website reflected the committee vote.

Recommendation:         DO PASS AS AMENDED

 

Aye:                    Daniels, Dossett, Dugger, Floyd, Hall, Ikley-Freeman, Jech, Kidd, Matthews, Montgomery, Pemberton, Pugh, Rosino, Scott, Shaw, Simpson, Stanislawski, Rader, Thompson

In the House, the vote was as follows:

    SB1072                           Public finance; specifying certain duty.

    Wallace, Thompson                  Emergency.

    DO PASS AS AMENDED BY CS         PASSED

         YEAS:   27                                                 RCS#   49

         NAYS:    0                                                 5/20/2019

         C/P :    0                                                 03:17:45 PM

    YEAS:   27

    Baker             Bennett           Echols            Fetgatter

    Ford              Goodwin           Hilbert           Kannady

    Lawson            Lepak             Martinez          McEntire

    Meredith          Munson            Newton            Nichols

    O’Donnell         Ortega            Osburn            Pfeiffer

    Taylor            Virgin            Walke             Wallace

    West (J)          West (K)          Worthen

    NAYS:    0