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.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.