DALLAS - Oklahoma finance director Michael Clingman on Tuesday ordered an immediate 5% reduction in state agency budgets for August as tax revenues continued a six-month slide.

Revenues in July, the first month of fiscal 2010, totaled $366.7 million, which is $120.4 million less than in July 2008, a drop of 26.3%. Revenues in July were 18.1%, or $74.4 million, less than expected.

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