OKLAHOMA CITY: According to figures I have reviewed from the Office of State Finance and the reports from Treasurer Meacham today, the state's financial numbers confirm the budget challenge we have long said we'd be facing is indeed upon us.
One year ago, the State Equalization Board certified an FY'10 budget for the Legislature that proved to be18.5% below actual revenues. This estimate missed the mark by a greater percentage than any state in the nation.
Now, it appears we will have 20% less to spend in FY'11 than was authorized for FY'10, over $1.3 billion less.
Given these realities, it is incumbent on the legislature, the governor, and all agency heads to put aside any differences we may bring to the table and work together to provide the services the people of this state need and deserve most. It is very clear that everyone will have to sacrifice. This is an opportunity to restructure government into a more efficient and effective system of providing for the public, and I'm confident we can accomplish this over the coming weeks and months. It will be our task to make the necessary reductions in a fair and equitable manner.
I'm confident the people of Oklahoma will pull together and we’ll see our way through this and to better times down the road."