[Cobo] FW: Message from the Office of State Finance

[Mauck, Sheri]

Please see the message below on the declaration of revenue shortfall for
FY2010.

 

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.  

 

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.

 

We will continue to share any information concerning revenue projections
as we receive it.  

 

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.  

 

Please let us know if you have any questions.

 

 

________________________________

From: Paliotta, Amanda 
Sent: Tuesday, August 11, 2009 3:38 PM
To: Mauck, Sheri
Subject: FW: Message from the Office of State Finance

 

 

 

________________________________

From: Becky.Wilson at osf.ok.gov [mailto:Becky.Wilson at osf.ok.gov] On Behalf
Of Michael.Clingman at osf.ok.gov
Sent: Tuesday, August 11, 2009 3:33 PM
To: Becky.Wilson at osf.ok.gov
Cc: Michael.Clingman at osf.ok.gov
Subject: Message from the Office of State Finance


August 11, 2009 

Dear Agency Director: 

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...."   

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. 

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. 

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.   

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.   

We will be distributing template language for the description section of
the required allotment letter. 

Please find attached a list reflecting the dollar amount of reductions
to each agency.  Contact your Budget Analyst if you need more detailed
information. 

Sincerely, 

Michael Clingman, Director 
Office of State Finance 

Cc:  Agency Finance Officers 

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