Oklahoma City, OK – Declining revenue forces 5 percent cut
OKLAHOMA CITY (AP) Declining revenue is forcing state officials to order a 5 percent across-the-board cut to state agencies for the second consecutive month.
State Treasurer Scott Meacham said Tuesday that state revenue collections for August came in below last year's collections and the official estimate. Meacham says the lower revenue reflects lower energy prices and the effects of the nationwide recession on Oklahoma's economy.
Preliminary reports show General Revenue Fund collections last month totaled $335.2 million. That amount is $154.9 million, or 31.6 percent below the prior year. It's $131.3 million, or 28.2 percent, below the estimate.
Last month, financial officials ordered a 5 percent across-the-board cut in budget allocations after Meacham said revenue fell by more than 26 percent in July.