Corn Wants Budget Stabilization Bill Heard
State Senator Kenneth Corn said dramatically declining budget projections are proof that the legislature needs to consider his budget stabilization legislation in the 2008 session.
“This time last year we were looking at $277 million in projected revenue growth. Now we’re looking at a projected growth of $32 million, and that number could well decrease by the time the final budget certification is announced next month,” said Corn, D-Poteau. “It’s a recipe for disaster to base reoccurring expenditures on something that fluctuates as much as energy prices. That’s what we did during the oil boom, and we know how that ended. We can’t afford to repeat the mistakes of the 1980’s.”
Senate Joint Resolution 5 calls for a Constitutional Amendment to be considered by state voters which would require certification of the 10-year average of gross production tax revenue and would limit appropriations of revenues over that amount to one-time expenditures. The legislation was filed in 2007, but was not heard by the Legislature.
“This time last year we were looking at $277 million in projected revenue growth. Now we’re looking at a projected growth of $32 million, and that number could well decrease by the time the final budget certification is announced next month,” said Corn, D-Poteau. “It’s a recipe for disaster to base reoccurring expenditures on something that fluctuates as much as energy prices. That’s what we did during the oil boom, and we know how that ended. We can’t afford to repeat the mistakes of the 1980’s.”
Senate Joint Resolution 5 calls for a Constitutional Amendment to be considered by state voters which would require certification of the 10-year average of gross production tax revenue and would limit appropriations of revenues over that amount to one-time expenditures. The legislation was filed in 2007, but was not heard by the Legislature.
Labels: Budget Stabilization, Kenneth Corn
posted by Mike McCarville @ 4:36 PM
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