Higher oil revenues will enable more spending on public needs
October 5, 2023
With high oil prices driving up state revenues, Southeast legislators say to expect a larger capital budget next year for public works projects, more money for deferred maintenance and another attempt to boost state funding for public schools.
That’s assuming oil prices stay elevated as the state works its way through the fiscal year that will end on June 30 and remain high in the forecast for the next year.
Lawmakers will return to work at the Capitol on Jan. 16.
With oil prices last week 30% higher than assumed in this year’s spending plan, “the state’s financial position is getti...