OKLAHOMA CITY (AP) — Oklahoma lawmakers are bracing for more bad financial news.
State Treasurer Scott Meacham is scheduled to release state revenue figures from December on Tuesday, and lawmakers expect collections to show steep declines from a year earlier.
Tax collections have been down every month since the start of the fiscal year on July 1, the result of a sluggish economy and low oil and natural gas prices.
Last month, the Board of Equalization declared a revenue shortfall of more than $729 million for the current year.
Officials ordered 5 percent across-the-board state agency budget cuts in August to cope with declining revenue and later extended the cuts through the June 30 end of the fiscal year. The cuts were doubled to 10 percent for December and January.