NORMAN — State agencies just missed facing across-the-board budget cuts this month. It comes as budgets are being finalized for the next fiscal year.
Officials said general revenue collections were down 4.7 percent for the first 10 months of the current fiscal year.
If they were down 5 percent, spending restrictions would be imposed.
Oklahoma lawmakers budget on projected revenues.
In years past, weak forecasts lead to trouble at year’s end.
Low corporate tax collections are getting the blame for some of the revenue dips. Collections in April were 37 percent of the previous year’s tally and 39 percent below the estimate for the year.
Breaking news, severe weather alerts, AMBER alerts, sports scores from The Norman Transcript are available as text messages right to your phone or mobile device. You decide which type of alerts you want to receive. Find out more or to signup, click here.