Oklahoma City, OK – OKLAHOMA CITY (AP) Oklahoma Treasurer Scott Meacham says state government will experience a revenue failure of more than $729 million for the fiscal year that ends June 30.
Meacham says that means state agencies will have to endure additional budget cuts or receive an infusion of revenue from the constitutional Rainy Day reserve fund or other sources.
Meacham released preliminary revenue figures Monday that the Board of Equalization will use to determine how much revenue lawmakers will be authorized to appropriate during the 2011 fiscal year that begins July 1.
Meacham says revenue is forecast to decline almost $967 million, or 17.6 percent, from the current fiscal year.
Revenue from income taxes, sales taxes and the gross production tax on natural gas are all expected to decline in the upcoming fiscal year.
Copyright 2009 The Associated Press.