Author :
 Shawn Ashley
 
Date :
 11/02/2007
 

News Director

(OK) The Office of State Finance released its first multi-year revenue and expenditure trend analysis Thursday, projecting continued growth in the state's top revenue sources and state spending.

The analysis examines actual revenue expenditure data for FY03 to FY08, the current fiscal year, and forecasts for FY10 to FY12. The analysis does not address FY09, which will be focus of the Board of Equalization when it meets in December to certify revenue for that fiscal year. The analysis, however, will be updated sometime after that meeting.

 The analysis' comparison of income and expenditures for FY03 to FY08 shows spending exceeded actual revenue collections over the period. The difference between the two - which was at it highest in FY06, $772.8 million, before trailing to its lowest point in FY08, $293.4 million - has been made up annually by the legislature's appropriation of money from the Rainy Day Fund, Rainy Day spillover funds, and other cash reserves.

 Over the six-year period, appropriations grew at an average annual rate of 4.4 percent, the report indicates. Revenue, meanwhile, grew at an average annual rate of 7.1 percent over the period.