Oil and Gas group urges legislature to reconsider budget savings plan

 

When Oklahoma Gov. Kevin Stitt reached a budget deal with the legislature, it started out as a $8.3 billion agreement. But it ended up $8.1 billion because leaders disagreed on how much to put into savings.

The approval of Senate Bill 1071 on Friday would limit the amount of money allocated to the State Revenue Stabilization Fund and it drew some words of caution from the oil and gas industry association, the OIPA-OKOGA.

“The Revenue Stabilization Fund is designed to protect our state from the harmful impacts of economic downturns,” said Chad Warmington, President of the groups. “We caution the legislature—which has made great strides this session in properly funding core service, including much-needed teacher pay raises–to not endanger this progress by setting too low of a cap on the Fund.”

He said OIPA-OKOGA supports Gov. Stitt’s efforts to plan for the state’s future with substantial savings and preventing the legislature from spending too much money.

“We hop the leaders will reach agreement soon on a path forward to properly maintain the Revenue Stabilization fund,” said Warmington, adding he didn’t want “another situation where we cut core services because of a budget shortfall.”