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Gov. Henry, legislative leaders announce bigger cuts

Gov. Henry, legislative leaders announce bigger cuts

Office of Governor Brad Henry
State of Oklahoma
State Capitol - Oklahoma City OK 73105
(405) 521-2342

December 15, 2009

 

(Oklahoma City) To address a continuing slump in state revenue collections, Gov. Brad Henry, House Speaker Chris Benge and Senate President Pro Tempore Glenn Coffee today announced that state agencies will face immediate, deeper budget cuts.

Because November revenue collections again failed to meet projections, the reduction in monthly agency allocations will be raised from 5 to 10 percent for at least the month of December and may remain at that level in January. The size of the January cut will depend on the official state revenue estimates made by the State Board of Equalization next week as well as December revenue collections.

As part of their discussion to increase the monthly cuts to state agencies, the governor and legislative leaders also agreed to address and fund the current shortfall in the House Bill 1017 fund that finances a portion of the K-12 public schools budget. As collections for both the general revenue and 1017 funds have failed to meet projections in recent months, K-12 schools have been forced to take larger cuts than other agencies.

With those agreements in place, Gov. Henry and legislative leaders said they would continue work on a comprehensive budget framework for both the current fiscal year and FY 2011. The leaders have agreed that they will need to implement targeted cuts and access a significant portion of Rainy Day Fund and stimulus dollars to balance this year’s and next year’s budgets. Efficiency programs and revenue enhancements will also be considered to help close the budget gap. Tax increases are not part of the discussions... FULL ARTICLE

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