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<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Please see the message below on the
declaration of revenue shortfall for FY2010.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>In summary, the Director of the Office of
State Finance states the following: (1) the FY2009 reductions taken in June
will be returned to your agencies at 100%, based on final revenue collections for
FY09, and (2) your August FY2010 General Revenue allocation has been reduced by
5%. Currently, this reduction effects only revenue collected in general
revenue. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>The journal number for the June 2009
restoration is JE#1836139 posted on 8/10/2009, and the journal number for the
August general revenue reduction posting is JE#1836872 posted on 8/11/2009.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>We will continue to share any information
concerning revenue projections as we receive it. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>You may determine the need for a budget revision(s)
and may want to wait until further into the fiscal year before making any
budget adjustments as the revenue picture becomes more evident. <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'>Please let us know if you have any
questions.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=2 color=navy face=Arial><span style='font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
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<p class=MsoNormal><b><font size=2 face=Tahoma><span style='font-size:10.0pt;
font-family:Tahoma;font-weight:bold'>From:</span></font></b><font size=2
face=Tahoma><span style='font-size:10.0pt;font-family:Tahoma'> Paliotta, Amanda
<br>
<b><span style='font-weight:bold'>Sent:</span></b> Tuesday, August 11, 2009
3:38 PM<br>
<b><span style='font-weight:bold'>To:</span></b> Mauck, Sheri<br>
<b><span style='font-weight:bold'>Subject:</span></b> FW: Message from the
Office of State Finance</span></font><o:p></o:p></p>
</div>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'> <o:p></o:p></span></font></p>
<p class=MsoNormal><font size=3 face="Times New Roman"><span style='font-size:
12.0pt'><o:p> </o:p></span></font></p>
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face="Times New Roman"><span style='font-size:12.0pt'>
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<p class=MsoNormal style='margin-bottom:12.0pt'><b><font size=2 face=Tahoma><span
style='font-size:10.0pt;font-family:Tahoma;font-weight:bold'>From:</span></font></b><font
size=2 face=Tahoma><span style='font-size:10.0pt;font-family:Tahoma'>
Becky.Wilson@osf.ok.gov [mailto:Becky.Wilson@osf.ok.gov] <b><span
style='font-weight:bold'>On Behalf Of </span></b>Michael.Clingman@osf.ok.gov<br>
<b><span style='font-weight:bold'>Sent:</span></b> Tuesday, August 11, 2009
3:33 PM<br>
<b><span style='font-weight:bold'>To:</span></b> Becky.Wilson@osf.ok.gov<br>
<b><span style='font-weight:bold'>Cc:</span></b> Michael.Clingman@osf.ok.gov<br>
<b><span style='font-weight:bold'>Subject:</span></b> Message from the Office
of State Finance</span></font><o:p></o:p></p>
<p class=MsoNormal style='margin-bottom:12.0pt'><font size=3
face="Times New Roman"><span style='font-size:12.0pt'><br>
August 11, 2009 <br>
<br>
Dear Agency Director: <br>
<br>
In accordance with Title 62, Section 41.9, June FY-2009 General Revenue
allocations were reduced by approximately 1.42% due to insufficient revenue collections
at the time allocations were made. This same statute requires that,
“At the end of any fiscal year, the entire amount appropriated to any
spending agency must be allotted by the Budget Director….” <br>
<br>
In compliance with this statute, and due to revenue collections received after
the June allocation date, your agency will be made whole for the 2009 Fiscal
Year. These additional funds have been transferred to your agency’s
FY-2009 General Revenue fund. As your agency already reduced its FY-2009
budget work program accordingly, an FY-2009 revision is not necessary.
However, your agency will need to submit an FY-2010 budget revision,
including this amount as carryover, in order to utilize this amount in FY-2010.
<br>
<br>
In order for these revisions to be processed by the November 15 deadline for
lapsed funds, these revisions will be due to the Office of State Finance no
later than November 6, 2009. You may submit the revision to utilize these
funds at any time prior to that date. <br>
<br>
In addition, the Office of State Finance has determined that revenue
collections are insufficient to make full General Revenue allocations to state
agencies for the month of August. State agencies will receive a 5%
reduction to their August General Revenue allocation. <br>
<br>
In accordance with Title 62, Section 41.9, agencies will be required to submit
a revised budget for FY-2010 that reflects the reduced amount of General
Revenue available to the agency. These revisions are due to the Office of
State Finance by Friday, August 21. <br>
<br>
We will be distributing template language for the description section of the
required allotment letter. <br>
<br>
Please find attached a list reflecting the dollar amount of reductions to each
agency. Contact your Budget Analyst if you need more detailed information.
<br>
<br>
Sincerely, <br>
<br>
Michael Clingman, Director <br>
Office of State Finance <br>
<br>
Cc: Agency Finance Officers <o:p></o:p></span></font></p>
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