Oklahoma’s revenue is expected to fall by $966.8 million in fiscal 2011, according to the treasurer’s office. The increasingly dire scenario comes on the heels of a $729 million shortfall in the current fiscal year.
As the Legislature prepares for its 2010 session, planners are already projecting a budget of $5.3 billion, 20% smaller than the current spending plan.
Individual income tax revenue is down 19.2% this year, and corporate income tax collections have fallen 43.9%, according to Treasurer Scott Meacham.
Meacham said he would have to slash monthly allocations to state agencies by 10% after a steep drop in November revenue.