Equalization Board certifies $611 Million shortfall

OKLAHOMA CITY (AP) – State agencies in Oklahoma are being told to brace for budget cuts after a state board led by Gov. Mary Fallin certified that the Legislature will have $611 million less to spend this year.

The State Board of Equalization met Tuesday in Oklahoma City and formally certified the amount of revenue that is available for the Legislature to appropriate to state agencies for the fiscal year that begins July 1.

The Oklahoma Legislature appropriated about $7.2 billion for the budget for the current fiscal year. But the amount available for them to spend on next year’s budget is about $6.6 billion.

Fallin already had suggested legislators tap state agency revolving funds and the state’s Rainy Day Fund to help ease the budget cuts for state agencies.