Oklahoma City, OK – Slight revenue shortfall declared in Oklahoma
OKLAHOMA CITY (AP) State Treasurer Scott Meacham has declared a slight revenue shortfall for Oklahoma but says the affect on most state agencies will be minimal.
Meacham said today that revenue collections for May were $357.1 million, or about 21.8 percent below estimates. That means state agencies will receive 1.42 percent less in their June allocations.
For the first 11 months of the fiscal year, which ends June 30, revenue collections fell 5.1 percent below estimates. But because the Legislature cannot appropriate more than 95 percent of the state's estimated revenues, the total shortfall for the fiscal year is 0.1 percent.
The state Constitution requires across-the-board cuts after a revenue shortfall. Meacham says most state agencies should have enough cash on hand to absorb the cuts.
It's the first state revenue shortfall since fiscal year 2003.