OKLAHOMA CITY (AP) — State Treasurer Scott Meacham says Oklahoma's budget likely will need to be cut by $226 million during the coming fiscal year.

Meacham said Monday those cuts will be necessary despite an estimated $276.1 million increase in general revenue fund collections. That's because of the loss of federal stimulus money, a depleted state Rainy Day Fund, an expected state income tax cut and the recent extension of federal tax cuts.

The State Board of Equalization will meet Tuesday to certify the preliminary revenue estimates for the fiscal year that begins July 1. Gov.-elect Mary Fallin will use those figures for her proposed budget to be presented to the Legislature.

The board will meet again in February to certify the total amount the Legislature will have to appropriate for that fiscal year.