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Agency Funding Cuts Doubled as Revenue Shortfall Continues

Agency Funding Cuts Doubled as Revenue Shortfall Continues


For Immediate Release: December 15, 2009


OKLAHOMA CITY – Monthly funding allocations to state agencies will be reduced by 10 percent this month and possibly next as November revenue collections fell well short of the estimate and prior year collections for an 11th consecutive month, State Treasurer Scott Meacham announced today.

The 10-percent reduction in monthly allocations in December and January, as authorized by State Finance Director Michael Clingman, reflects a doubling of the five-percent cuts in effect
since the start of the fiscal year.

“Disappointing” is how Meacham described November’s revenue report. “We hoped we
had begun to see the bottom of the recession in Oklahoma last month, but that does not appear to
be the case.”

Preliminary reports show General Revenue Fund collections in November were $316.4
million. That amount is:

• $139 million or 30.5 percent below the prior year; and,
• $105.8 million or 25.1 percent below the estimate.

Fiscal year-to-date collections total $1.797 billion. That is $717.1 million or 28.5 percent
below the prior year and $577.5 million or 24.3 percent below the estimate... FULL ARTICLE

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