School Funds Slashed 7%

The Oklahoma Department of Education said state funding to local districts would be reduced 7.1% in November due to a shortfall in revenues earmarked for education funding.

The state reduced all agency budgets by 5% again this month due to revenue declines, but the Education Department said an additional cut of 2.1% is necessary because of low funding levels in the HB 1017 revolving fund.

The special fund was created by an education reform law passed in 1990. The fund receives a portion of state revenue from a variety of sources, including tribal gaming, sales taxes, income taxes, and tobacco taxes.

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