By Associated Press
Oklahoma City, OK – Revenue down in July, shortfall declared
OKLAHOMA CITY (AP) State Treasurer Scott Meacham says officials have ordered a 5 percent across-the-board cut in budget allocations to state agencies this month due to a sharp decline in revenue in July.
Meacham on Tuesday released his revenue report for July, the first month of the new fiscal year. He says collections for the month were well below the prior year and the official estimate.
Preliminary reports show collections totaled $336.7 million last month. That's $120.4 million less than last year and $74.4 million below the estimate.
State Finance Director Michael Clingman ordered a 5 percent reduction to each state agency's allocation in the month of August. That represents a total cut in allocations of $21.9 million for the month.
Copyright 2009 The Associated Press.