State revenue down again in May
Tuesday, June 10th 2003, 12:00 am
By: News On 6
(Oklahoma City-AP) -- State revenue was down again in May, but the Office of State Finance says enough taxes were collected to avoid additional budget cuts.
Collections by the general revenue fund last month were about $314-million. That's $31.7-million less than last year's collections and $49-million below official estimates.
Finance office director Scott Meacham says additional budget cuts won't be ordered, but budget reductions announced in March will be implemented.
State agency allocations for this month will be cut 13.74%, the same cuts that were implemented in May.
The budget cuts total 7.85%, or about $352-million per year.