State leaders say borrowed funds are necessary to keep OK agenci - KSWO 7News | Breaking News, Weather and Sports

State leaders say borrowed funds are necessary to keep OK agencies afloat

OKLAHOMA CITY, OK (KFOR) – Officials announced that because the General Revenue Fund collections in March were 9 percent below the monthly estimate about $31 million will need to be borrowed from other funds so state agencies can receive their allotments.

“We’ve been forced to do this several times this fiscal year to avoid deeper cuts to agencies and keep government operating,” said Secretary of Finance, Administration and Information Technology Preston L. Doerflinger. “We will be looking to April collections and other upcoming months to make up the difference and reconcile the borrowed funds as we are statutorily and constitutionally required to do.”

According to KFOR, officials say that corporate income tax collections were entirely consumed by refunds and contributed nothing to the General Revenue Fund for the sixth consecutive month.

 “If the fourth quarter declines more than expected, agencies should be prepared for deeper cuts,” Doerflinger said. “As I’ve said several times, it’s is absolutely necessary that the Legislature take a serious look at ways to raise recurring revenue and keep from doing more harm.”

Officials say $240.7 million has already been borrowed from the Rainy Day Fund, which is now temporarily empty. The $31 million now needed will have to be borrowed from other funds.

Information provided by KFOR. 

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