- Associated Press - Wednesday, December 23, 2015

OKLAHOMA CITY (AP) - State finance officials have declared a revenue failure and ordered 3 percent budget cuts to state agencies, beginning in January.

The Office of Management and Enterprise Services announced the actions Wednesday as a result of a projected $157 million shortfall in revenue collections for the rest of the 2016 fiscal year that ends June 30.

The office announced last week that updated projections show the state will miss the original estimate on which the budget was based by 7.7 percent, or $443 million. The state builds a 5 percent cushion into its budget estimate, but collections fell below that.

If collections to the state’s General Revenue Fund are projected to fall below 5 percent, the director of OMES is required to declare a revenue failure and initiate reductions in appropriations.

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