Oklahoma

As Oklahoma lawmakers sought additional funds to close a $1.3 billion budget gap, Treasurer Ken Miller gave them the bad news that state tax receipts in March were the lowest in four years.

Some investors holding millions of dollars of bonds in default in the Florida panhandle are upset by what they see as inaction by trustee Bank of Oklahoma Financial and a fired employee with links to accused fraudster Christopher Brogdon.

The Oklahoma City suburb of Yukon does not have enough money to pay its bills for the remainder of the fiscal year after $1.3 million was taken from a bond fund for general expenses, officials said.

Oklahoma City is at risk of losing its triple-A rating after Moody’s Investors Service shifted the outlook to negative.

Oklahoma revenues for February ran 18% below projections as the state Legislature grapples with a budget gap of more than $900 million.

Oklahoma will use $78.5 million from its rainy day fund to operate public schools and prisons in the current fiscal year, Gov. Mary Fallin announced.

Oklahoma Gov. Mary Fallin wants lawmakers to approve another $120 million of bonds to complete repairs of the Capitol, as they struggle with a $910 million budget gap.

Standard & Poor's credit analysts say they will closely watch how Oklahoma resolves its $900.8 million shortfall in a depressed energy market that has drained the state's coffers.

Oklahoma's 3% mid-year cuts to school districts are credit negative because they hinder the districts from paying for budgeted expenditures for the remainder of the school year, according to Moody's Investors Service.

Oklahoma's projected 13% decline in revenues in fiscal 2017 illustrates how much low energy prices will stress budgets in oil and gas producing states, Moody's Investors Service says.