Category: Budget

April 20, 2020: Oklahoma facing $1.3 billion hole in coming budget year (Tulsa World)

The COVID-19 epidemic and collapse of the global oil markets has dealt a $1.3 billion blow to the state’s revenue outlook for the next budget year, officials said Monday. That’s how much state general revenue is expected to fall in fiscal year 2021, which begins July 1, the state Board of Equalization was told when it met Monday afternoon to certify a revenue shortfall of more than $400 million for the current budget year.

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April 20, 2020: Oklahoma facing $1.3 billion hole in coming budget year (Tulsa World)

The COVID-19 epidemic and collapse of the global oil markets has dealt a $1.3 billion blow to the state’s revenue outlook for the next budget year, officials said Monday. That’s how much state general revenue is expected to fall in fiscal year 2021, which begins July 1, the state Board of Equalization was told when it met Monday afternoon to certify a revenue shortfall of more than $400 million for the current budget year.

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April 21, 2020: State revenue shortfall declared; $1.3 billion shortfall forecast for next year (The Oklahoman)

Bowing to pressure from state lawmakers, the Board of Equalization, led by Gov. Kevin Stitt, on Monday formally certified a revenue shortfall of $416 million for the current fiscal year. State officials also received a presentation on Oklahoma’s bleak financial picture for the fiscal year that begins July 1, 2020, from the head of the Oklahoma Tax Commission.

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