OKLAHOMA CITY (AP) — Overall collections to the state’s main operating fund for fiscal year 2020 were more than 10% below projections as the state’s economy reeled from slumping energy prices and the economic impact of COVID-19, state finance officials reported on Thursday.
Total collections to the general revenue fund for the fiscal year that ended June 30 were $6.27 billion, which was 10.2% below the estimate, the Office of Management and Enterprise Services reported.
OMES Director Steven Harper also reported some good news on Thursday: The overall revenue shortfall for FY20 was about $50 million less than projected in April.
“The state’s combined reserves ended up higher than originally anticipated since the revenue shortfall was slightly less severe than projected in April and less reserve amounts were necessary to complete budgeted appropriations,” Harpe said in a statement.
State lawmakers plugged the hole in the FY20 budget using a combination of reserve funds to prevent cuts to agency budgets.
The $7.7 billion spending plan for the fiscal year that began July 1 limited cuts to most state agencies to around 4%.
