Oklahoma officials declare revenue failure, announce 3% agency cuts

Struggling to cope with falling tax revenues, state finance officials declared a revenue failure Wednesday and announced that monthly general revenue allocations to state agencies will be cut 3 percent for the next six months to to make up for a projected $157 million shortfall.

State agencies that will be required to absorb the largest cuts over the next six months include the Department of Education, which will receive nearly $46.8 million less than expected; the Oklahoma Health Care Authority, which will be cut nearly $27.4 million; and the Oklahoma Regents for Higher Education, which will be cut a little more than $24 million.

“Now that we know the extent of the cut for the remainder of the fiscal year, school districts will soon be able to plan accordingly,” said Joy Hofmeister, state schools superintendent.

“The reduced funding was inevitable in the wake of the revenue failure, but I know that the Oklahoma State Department of Education and district leaders statewide are committed to lessening the impact on students as much as possible.”

Read more: http://newsok.com/oklahoma-officials-declare-revenue-failure-announce-3-agency-cuts/article/5468596