Toward the end of the Special Session earlier this year, the director of the state’s Office of Management & Budget (“OMB”), Karen Rehfeld, was asked to testify before the House Resources and Energy Committees about the impact on the budget of the Governor’s proposed oil tax bill introduced at the beginning of the Special Session.
One of the slides from her presentation is the most important in this year’s election. The slide shows four lines.
The first – in red – is OMB’s forecast of revenues under the status quo, before the potential implementation of “HB 3001,” the Governor’s proposed oil tax bill.
The second, in blue, is the level of state spending from the General Fund as projected in OMB’s FY 2013 10-year plan.
The third, in green, is OMB’s forecast of revenues in the event the Legislature passed HB 3001.
The fourth, at the bottom in black, shows the projected deficits each year in the event the Legislature had passed HB 3001. Continue reading