Oklahoma panel declares revenue failure as collections fall
April 19, 2020
OKLAHOMA CITY (AP) — A state panel led by Gov. Kevin Stitt declared a revenue failure on Monday for the fiscal year that ends June 30, and the governor warned cuts to agency budgets over the next two years will likely be unavoidable.
The State Board of Equalization declared the failure amid crashing oil prices and dwindling revenue collections as the 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 which lawmakers sought to have the state Supreme Court...