[Cobo] FW: Revenue shortfall continued

[Gold, Sheri]

Please see the information below concerning further budget reductions for
the current year.  This information has been sent by the Office of State
Finance.  This is all the information that has been released thus far.
Further updates will be sent as more information is received.



-----Original Message-----
From: Nancy.Tarr at osf.state.ok.us [mailto:Nancy.Tarr at osf.state.ok.us]
Sent: Wednesday, February 20, 2002 3:41 PM
To: Travis_Monroe at OETA.pbs.org; mmaletz at osrhe.edu;
suzanne at arts.state.ok.us; tedg at octp.org; smcvey at oltn.odl.state.ok.us;
drea at oklaosf.state.ok.us; Kent_Tippin at mail.sde.state.ok.us;
bbeie at okcareertech.org; Lmorgan at ossm.edu; FDehart at ocast.state.ok.us
Subject: Revenue shortfall continued


In response to questions about the impact of the estimated FY-2002 revenue
being less than appropriated, I am forwarding the following memo from Rollo
Redburn, OSF Budget Division Director.

With this memo, you now have all of the information that I have available.
You will be kept advised of further developments.

Nancy M. Tarr
Budget Analyst
Office of State Finance
2300 N. Lincoln, Suite 122
Oklahoma City, OK 73105-4801

phone    405/521-3097
fax           405/521-3902
e-mail    Nancy.Tarr at osf.state.ok.us

----- Forwarded by Nancy Tarr/OSF/US on 02/20/2002 03:20 PM -----
 

                    Rollo Redburn

                                         To:     BudgetDivision

                    02/20/2002           cc:

                    02:31 PM             Subject:     Revenue shortfall
continued        
 

 




If your agencies have to have an answer now, use this:

1. Approximate cut for 2002 General Revenue will be 1.6%.

2. March allocation reduction will be somewhere between 6.4% and 7.8%
(unless revenues are much worse than we think they will be).  We notified
agencies that March would be real short but we would give them all the
allocation in Jan. and Feb. if we could to provide more flexibility.

3. April, May, June allocations will be approx. 4% short.

4. We'll review this on a monthly basis to see if we need to adjust.

5. Not requiring another BWP revision at this point (it could wind up being
a monthly thing!).  We'll ask agencies to reduce their allotments in
accordance with the additional anticipated shortfall.

6. We'll require a revision at the end of the year to balance it all out.