From BusinessWeek:

Oklahoma officials ordered budget cuts of 10 percent across state government on Tuesday, after revenue collections on a downward spiral fell short of projections for an eleventh consecutive month.

So far in the fiscal year that began July 1, revenue collections are $717 million below the prior year’s level — a drop of more than 28 percent. State Treasurer Scott Meacham said the budget decline was worse than the oil bust in the 1980s.

“This is the deepest shortfall we’ve experienced in state government,” Meacham said. “We hoped we had begun to see the bottom of the recession in Oklahoma last month, but that does not appear to be the case.”

The 10 percent reductions in monthly allocations for December, and likely January, are double the 5 percent cuts that have been in effect since the start of the fiscal year.

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