Oklahoma expects $612 million surplus next year

Gov.-elect Kevin Stitt will outline spending plan
Oklahoma expects $612 million surplus next year
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Oklahoma’s newly elected governor will outline how he plans to spend an expected surplus in his first executive budget that he will present to the Legislature in February.

Early projections from state finance officials show Oklahoma will have a budget surplus of close to $612 million for the upcoming fiscal year.

Preliminary figures from the Office of Management and Enterprise Services show the state is expected to certify $8.2 billion in funds available for Governor-elect Kevin Stitt and the Republican-led Legislature to spend in the budget year that begins July 1. That’s an 8 percent increase over the current state budget.

The increase is due in part to an improving state economy and increased oil and natural gas production.

The State Board of Equalization will meet Wednesday to certify the estimate.