Oklahoma governor, lawmakers reach deal on $8.3B budget

OKLAHOMA CITY (AP) — Oklahoma Gov. Kevin Stitt and Republican legislative leaders have reached a deal on a $8.3 billion budget for the upcoming fiscal year that includes an average $1,200 pay raise for public school teachers and tens of millions more dollars for public schools.

The deal announced Wednesday by Stitt and GOP leaders from the House and Senate also socks away $200 million, about one-third of this year's surplus revenue, into savings, a priority for the first-year governor.

The plan also includes an average pay hike of about $1,300 annually for state workers.

A rebounding economy and a boom in the state's oil patch, along with a package of tax hikes approved by the Legislature last year, helped provide lawmakers with nearly $600 million in surplus revenue to spend this year.