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OKC Council Meeting Notes: Feb. 7, 2017

Post Date:02/07/2017 10:11 AM

The Oklahoma City Council met Tuesday at the Cox Convention Center for a workshop kicking off the budget adoption process for fiscal year 2018, which begins July 1. The budget workshop provides an update of the general economic outlook from the global to local level, and projections on how the City's revenue and expenses will evolve over the next several years.

The Council will consider the budget during a series of meetings beginning in May, with adoption set for June 13.

The Council resumes its normal meeting schedule next Tuesday, Feb. 14.

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Economist: Growth likely to resume this year for Oklahoma City's economy

Russell Evans, executive director of the Steven C. Agee Economic Research and Policy Institute at Oklahoma City University's Meinders School of Business, told the Council he expects slow economic growth to resume in Oklahoma City by late spring and early summer. Evans updates the Council annually on forces affecting the global, national and local economies. The City relies on sales tax revenue to fund day-to-day operations, but revenue has declined in 15 of the last 16 months when compared to the same month in the previous year. Based on healthy growth in the national economy and good indicators in the local economy, Evans predicts fiscal year 2018 will resemble a recovery from a mild recession.

Modest sales tax revenue growth expected for FY 2018 City budget

Budget Director Doug Dowler told the Council sales tax revenue growth of about 2.5 percent is expected in FY 2018, but the modest growth comes on the heels of a disappointing FY 2017. The Finance Department has asked General Fund departments to trim budgets by 4 percent for the next fiscal year as compared to the amended FY 2017 budget, and cuts of 1.25 percent from the Fire and Police departments.