State panel declares revenue failure as oil prices crash

摘要

A state panel led by Oklahoma Gov. Kevin Stitt (R) declared a revenue failure yesterday for the fiscal year thatends June 30, and the governor warned that cuts to agency budgets over the next two years will likely beunavoidable.The State Board of Equalization declared the failure amid crashing oil prices and dwindling revenue collections asthe state's economy ground to a halt in an attempt to control the spread of the coronavirus.The board's decision brings to an end a legal squabble between the governor and the Legislature in whichlawmakers sought to have the state Supreme Court force the board to meet.The governor and Legislature had agreed to use some of the state's $1 billion in savings to plug a $416 millionhole in this year's budget and prevent any agency cuts, with the exception of one of the governor's key budgetpriorities to upgrade the state's computer system.