What is a Revenue Failure for Oklahoma?
Did you see the news about Oklahoma's "revenue failure?" That means state agencies, including the Oklahoma Arts Council, will have to cut funds out of their current year budget.
According to Finance Director Preston Doerflinger, $34.6 million overall will have to be cut by June 30 for this fiscal year. Current year reductions will total 0.7% of state agencies' budgets. This means -$20,568 for the Oklahoma Arts Council's programs.
Revenue estimates are made at the beginning of the legislative session so that the budget for next year can be based on current information. Here's a general overview of the budgeting process and this Legislative Primer from the Oklahoma Policy Institute contextualizes the budget along with legislative process.
Then throughout the year, state leaders compare the revenue collections to the projections they made the previous year and “certify” the numbers. See the Board of Equalization’s 2/21/17 report here.
Legislative leaders and the Governor have stated their commitment to finding revenue sources to increase what can be budgeted for next fiscal year.
Now is the time that you can encourage your legislators to find revenues for the needs of our state, including continuing to invest in arts and culture for our state’s economy and education.
Because of previous budget decisions and the prior year mid-year cuts, the Oklahoma Arts Council already decreased 16.3% in community and development services for this fiscal year and -27% since 2014. See why we support our state’s Oklahoma Arts Council investments in our communities here.