The Oklahoma Board of Equalization is about to meet to consider a revenue failure for the rest of this fiscal year.

Gov. Stitt abruptly canceled a meeting of this board two weeks ago because of a squabble with the legislature.

There's set to be a revenue shortfall of $459.6 million

$416.9 in General Revenue
$42.3 million in 1017 fund

This is affected significantly by falling oil and gas prices - but the biggest effect for this Fiscal Year is that the income tax payment deadline was moved to July 15

NEW: Oklahoma Board of Equalization formally declares $416.9 million revenue failure for FY 2020, paving the way for money to move from the Rainy Day Fund

Oklahoma Tax Commission painting a dire projection for the future. They expect the state won't return to pre-COVID employment levels until the *4th quarter* of *2022*

Wow - the Oklahoma Tax Commission forecasts a *20%* decrease in appropriations for FY 21... that's a $1.3 BILLION decrease.

The Board voted to send a letter to the legislature advising them of this. AG Mike Hunter abstained from voting on sending that letter

"The legislature will have some difficult decision to make when they write the 2021 budget," Gov. Kevin Stitt says.

Wow

Gov. Stitt proposed two options

Gov tells Oklahomans that just like many households, state government "will have to tighten our belts" and imagine new ways to deliver services ... including improving the state's digital operations

On the June 30 Medicaid vote, I asked the Governor if he has any interest in waiving the requirement that mail-in ballots be notarized.

Said he hasn't thought about it, would have to be a conversation with the legislature.