The Oklahoma Board of Education told local school districts last week to expect cuts in state aid this month due to declining revenue.
Assistant state superintendent James White said at the board meeting last week that the House Bill 1017 fund, which provides 25% of state aid to public education, is nearly depleted. There is no reserve left, he said.
“There is no more money in this account,” White told the board. “We are strictly relying on collections from now on.”
“November payments to schools are only reliant on collections that are collected during the month of October,” he said.
Revenue from a number of sources, including sales tax and tobacco taxes, flow into the HB 1017 fund for state school aid appropriations. The fund normally provides about $633 million for public education.
Fund revenue since September has been $26.1 million less than expected, White said.