Oklahoma ends year with $585.5 million budget shortfall

Oklahoma ends year with $585.5 million budget shortfall
Oklahoma has ended the fiscal year with a $585.5 million budget shortfall amid an economic slowdown due to the coronavirus pandemic, state Treasurer Randy McDaniel said Thursday. (Source: Pexels)

OKLAHOMA CITY (AP) — Oklahoma has ended the fiscal year with a $585.5 million budget shortfall amid an economic slowdown due to the coronavirus pandemic, state Treasurer Randy McDaniel said Thursday.

The state collected just more than $13 billion during the 12 months that ended June 30, or 4.3% less than the previous year, McDaniel said as businesses were closed in March. The closings were an effort to slow the spread of the virus, which has infected a reported 14,112 in the state as of Wednesday with 389 deaths due to COVID-19, the disease caused by the virus.

McDaniel said collections in June, however, showed improvement over the previous two months after the state began reopening in late April.

June collections of about $1.1 billion are 4.9%, or $56.4 million below June 2019. McDaniel said the number is an improvement compared to 31.8% and 14% declines over year ago numbers in April and May.

State lawmakers in April approved a budget, then voted to override a veto by Gov. Kevin Stitt, that includes cuts of about 4%