Oklahoma City, OK – Treasurer says budget reductions to continue
OKLAHOMA CITY (AP) State Treasurer Scott Meacham says state revenue was down again in September.
But Meacham said Tuesday collections for the month will be enough to cover the spending obligations of state agencies that have been reduced in prior months.
State Finance Director Michael Clingman says a 5 percent cutback in state agency budget allocations instituted in August will continue. The cut in October's agency appropriations will be about $21 million.
Preliminary reports show general revenue fund collections totaled $433.9 million for September. That is $186.8 million, or 30.1 percent, below the prior year and $178.7 million, or 29.2 percent, below the estimate.
State tax revenue fell by more than 31 percent in August due to the sluggish economy and low energy prices.
Copyright 2009 The Associated Press.