State Facing $600 Million Revenue Drop

The Associated Press

OKLAHOMA CITY -- In less than two months, the state's revenue shortfall has doubled from $300 million to $600 million, making lawmakers rethink how they can balance the budget.

Lawmakers have said they want to save education from cuts and avoid state worker reductions or furloughs, but that goal is becoming more difficult.

It's a double whammy for the state budget, with depressed energy prices and growing effects from the national recession hitting the state at the same time.

Policy makers get the official word Tuesday when the state Board of Equalization meets to make the final estimate legislators must use to craft the budget for the fiscal year beginning July 1.

Preliminary figures from the Oklahoma Tax Commission last week indicated revenues would be $300 million lower than the first estimate.