Oklahoma has the unwanted distinction of having the largest revenue shortfall of any state, according to a new report. That reality is illustrated by the state's revenue collections, which are down by more than 25 percent from a year ago.
The state last week ordered yet another round of cuts, this time instructing agencies to cut 10 percent from their budgets.
A November state budget report by the National Conference of State Legislatures says Oklahoma's 18.5 percent shortfall for the current fiscal year edges out Arizona's 18 percent, with Illinois in third at 16.5 percent.The report says states have lopped $145.9 billion from their fiscal year 2010 budgets compared with 2009. For most states, the fiscal year begins on July 1.
In addition, 36 states have reported additional shortfalls for 2010 totaling $28.2 billion....
http://www.insurancejournal.com/news/southcentral/2009/12/22/106170.htm
