Oklahoma agencies receiving $34.6 million in leftover cash
The Associated Press and The Oklahoman - July 21, 2017 1:06 pm
OKLAHOMA CITY (AP) – Oklahoma’s finance secretary says cash-strapped state agencies will receive $34.6 million in leftover cash from the previous year.
The Oklahoman reports that the revenue had not been allocated when the previous fiscal year ended on June 30.
The funds will replenish spending cuts triggered at state agencies in February when revenue estimates indicated collections would fall below estimates.
While the revenue will provide some relief, Finance Secretary Preston Doerflinger said Thursday revenue collections were below the fiscal year’s estimates and the state is still struggling financially. The Office of Management and Enterprise Services that Doerflinger heads says revenue was 3.4 percent below the estimate for the year.
Doerflinger says Oklahoma will face more budget challenges next year without significant structural budget reform and new recurring revenue sources.