Oklahoma ends year with $585.5 million budget shortfall

Oklahoma

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 that the state collected just more than $13 billion, or 4.3% less than the previous year.

Businesses were closed in March in an effort to slow the spread of the virus, which has infected a reported 14,112 in the state.

McDaniel said collections in June, however, showed improvement over the previous two months.

June collections of about $1.1 billion are 4.9% below June 2019 compared to 31.8% and 14% declines over year ago numbers in April and May.

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